Seadrill seeks exclusivity extension out of ‘abundance of caution’

By Sarah Lizee

Olympia, Wash., Jan. 13 – Seadrill Ltd. is seeking a third extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to a motion filed Wednesday with the U.S. Bankruptcy Court for the Southern District of Texas.

Specifically, the company asked the court to extend the plan filing period through March 22 from Feb. 5 and the solicitation period through May 21 from April 6.

As previously reported, the company’s Chapter 11 plan was confirmed on Oct. 26.

“Following confirmation of the plan, the debtors have moved as expeditiously as possible to emerge from these Chapter 11 cases and have made substantial progress,” the company said in its motion.

“However, for reasons outside of the debtors’ control – namely, obtaining regulatory approvals – the debtors may not be able to emerge from Chapter 11 prior to the expiration of the filing exclusivity period.”

Seadrill said it is seeking the extension only out of “an abundance of caution” in the event that unforeseen issues arise prior to emergence.

London-based offshore drilling company Seadrill filed Chapter 11 bankruptcy on Feb. 7, 2021 under case number 21-30427.

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