Chapter 11

R19
SDRL 13.10.2020 kl 12:28 9210

Det blir nok en hard kamp fremover for Seadrill med å bli enig med kredittorene.

https://newsweb.oslobors.no/obsvc/attachment.obsvc?messageId=515288&attachmentId=206328&obsvc.item=1
Redigert 13.10.2020 kl 12:30 Du må logge inn for å svare
mimer
10.03.2021 kl 09:40 7036

Noen oppdateringer etter rettsmøtet 9.3.

Vanskelig å tolke dette uten å være jurist, og helst spesialist på området.

Men kan se ut som noen av "interim orders" har blitt "final orders".

EDIT: og at disse gir Seadrill rett til benytte tilgjengelige midler for å opprettholde daglig drift

Noen som vet mer?

03/09/2021
253 Final Order (I) Authorizing Use of the Debtors' Cash Collateral, (II) Granting Adequate Protection, (III) Modifying the Automatic Stay, (IV) Scheduling a Fina Hearing, and (V) Granting Related Relief Signed on 3/9/2021 (Related document(s):25 Emergency Motion (with hearing date), 127 Order Setting Hearing)


03/08/2021
233 Final Order (I) Authorizing the Debtors to (A) Continue to Operate Their Cash Management System and Maintain Existing Bank Accounts and (B) Continue to Perform Intercompany Transactions and (II) Granting Related Relief (Related Doc # 24) Signed on 3/8/2021.


02/26/2021
216 Interim Order (I) Authorizing Use of the Debtors Cash Collateral, (II) Granting Adequate Protection, (III) Modifying the Automatic Stay, (IV) Scheduling a Final Hearing, and (V) Granting Related Relief (Related Doc # 25) Signed on 2/26/2021.

02/12/2021
126 Interim Order (I) Authorizing the Debtors to (A) Continue to Operate Their Cash Management System and Maintain Existing Bank Accounts and (B) Continue to Perform Intercompany Transactions and (II) Granting Related Relief Signed on 2/12/2021 (Related document(s):24 Emergency Motion) Final Hearing scheduled for 3/9/2021 at 11:00 AM by telephone and video conference.
Redigert 10.03.2021 kl 09:45 Du må logge inn for å svare
mimer
10.03.2021 kl 11:22 6939


Ser ut som det skal være statusmøte rundt restruktureringen den 15. april.

Status Conference. The Court shall hold a status conference (the “Status
Conference”) on [April 15], 2021 on the status of the Debtors’ restructuring efforts and any other
matter raised by the Debtors, CoCom, or Ad Hoc Group.
mimer
10.03.2021 kl 19:23 6808

I et av dokumentene fra høringe 9 (163 sider...) synes jeg disse utdragene tyder på at domstolen har innvilget Chapter 11,
og også gitt Seadrill tilgang til sine finansielle midler.


3/09/2021
251 Proposed Order RE: Final Order (I) Authorizing Use of the Debtors' Cash Collateral, (II) Granting Adequate Protection, (III) Modifying the Automatic Stay, (IV) Scheduling a Final Hearing, and (V) Granting Related Relief (Filed By Seadrill Limited ).(Related document(s):25 Emergency Motion (with hearing date), 127 Order Setting Hearing)


UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF TEXAS HOUSTON DIVISION


FINAL ORDER (I) AUTHORIZING USE
OF THE DEBTORS’ CASH COLLATERAL, (II) GRANTING
ADEQUATE PROTECTION, (III) MODIFYING THE AUTOMATIC STAY,
(IV) SCHEDULING A FINAL HEARING, AND (V) GRANTING RELATED RELIEF



IT IS HEREBY FOUND AND DETERMINED THAT:

A. Commencement of the Chapter 11 Cases:
On February 7, 2021, Seadrill GCC and the AOD Debtors each filed a voluntary petition under chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas (the “Court”), and on February 10, 2021 (as applicable, the “Petition Date”), Seadrill Limited and 114 affiliated Debtors each filed a voluntary petition under chapter 11 of the Bankruptcy Code in the Court, thereby commencing these chapter 11 cases (collectively, the “Chapter 11 Cases”).

NOW THEREFORE, IT IS HEREBY ORDERED THAT:

Motion Granted. The Motion is granted on a final basis as set forth in this Final
Order and the use of Cash Collateral is authorized for each Debtor, and the use of the SFL Cash
Collateral is authorized for each SFL Debtor, in each case subject and pursuant to the terms and conditions set forth in this Final Order. Any objections to the Motion with respect to the entry of this Final Order that have not previously been withdrawn, waived or otherwise resolved are hereby denied and overruled. All parties’ rights with respect to any continuation of this Final Order or continuation of use of Cash Collateral following termination of this Final Order are fully preserved, notwithstanding any consent or non-objection to this Final Order, provided that the foregoing reservation of rights does not negate any provision of this Final Order.
Redigert 10.03.2021 kl 19:27 Du må logge inn for å svare
mimer
11.03.2021 kl 18:13 6514

4 nye dokumenter datert 10.3.21.

Mange lange og tunge setninger som aldri avslutter, men essensen fra overskriftene under her er vel at det er endelige avgjørelser av retten fra tidligere midlertidige bestemmelser.


FINAL ORDER (I) AUTHORIZING
THE DEBTORS TO (A) CONTINUE TO OPERATE
THEIR CASH MANAGEMENT SYSTEM AND MAINTAIN
EXISTING BANK ACCOUNTS AND (B) CONTINUE TO PERFORM
INTERCOMPANY TRANSACTIONS AND (II) GRANTING RELATED RELIEF


FINAL ORDER (I) AUTHORIZING THE
DEBTORS TO (A) HONOR AND INCUR OBLIGATIONS
UNDER CUSTOMER CONTRACTS AND (B) OBTAIN NEW
CUSTOMER CONTRACTS AND (II) GRANTING RELATED RELIEF

FINAL ORDER (I) AUTHORIZING THE PAYMENT OF
NON-U.S. CLAIMS, LIEN CLAIMS, 503(B)(9) CLAIMS, AND HSE
AND OTHER CLAIMS, (II) CONFIRMING ADMINISTRATIVE EXPENSE PRIORITY
OF OUTSTANDING PURCHASE ORDERS, AND (III) GRANTING RELATED RELIEF

FINAL ORDER (I) WAIVING THE REQUIREMENT
TO FILE A LIST OF EQUITY SECURITY HOLDERS,
(II) AUTHORIZING THE DEBTORS TO REDACT CERTAIN PERSONAL
IDENTIFICATION INFORMATION, AND (III) GRANTING RELATED RELIEF


mimer
12.03.2021 kl 15:34 6326

Fra en fotnote i dokument fra 11.3.21:

On December 1, 2020, Seadrill Partners LLC (“Seadrill Partners”) and 28 affiliated debtors and debtors in possession commenced chapter 11 cases in this Court, which are jointly administered under the case caption In re Seadrill Partners LLC, No. 20-35740 (Bankr. S.D. Tex.) (collectively, the “Seadrill Partners Cases”). The Debtors do not intend to seek joint administration of these chapter 11 cases with the Seadrill Partners Cases.

Så virker som Seadrill Partners Chapter 11 sak (20-35740) og Seadrill Limited Chapter 11 sak (21-30427) kjøres uavhengig av hverandre.
Surik
12.03.2021 kl 18:30 6258

Hvilke 10 rigger er det de skal skrape? Har ikke lest fa i dag.
Bolster
12.03.2021 kl 18:42 6253

Venture, Navigator og Alpha i Norge.
GOV
12.03.2021 kl 18:58 6230

Etter en nøye vurdering av flåtens fremtidsutsikter har riggselskapet foreløpig identifisert følgende resirkuleringskandidater:

Boreskipet «West Navigator», de halvt nedsenkbare riggene «West Alpha», «West Venture», «West Pegasus», «West Eminence», «West Orion», «Sevan Driller» og «Sevan Brasil», samt de oppjekkbare riggene «West Vigilant» og «West Freedom».
R19
12.03.2021 kl 22:33 6104

Ingen overraskelse, rigger som har vært i opplag 5 år +-
Redigert 12.03.2021 kl 22:34 Du må logge inn for å svare
Surik
12.03.2021 kl 22:39 6092

Bra de tar ansvar og skraper.
Kunne sikkert fått mer ved å selge til ett eller annet asset play konsortium men viktig å få de ut av markedet. Ref. Leiv Eiriksson og Transocean også.
Den fragmenterte bransjen har mye av skylden for problemene i rigg, nå er det ikke fullt så ille i semi-HE segmentet som i JU men likevel.
R19
12.03.2021 kl 22:49 6062

De har vel ikke får tillatelse til å skrape ennå, men det er forslag. Ja, det er liten tvil om at det er behov for mer skraping også av nyere rigger. Det verste markedet er ikke Jack up det er drillship og semier for dypvann for rolige farvann. HE semi markedet er klart det beste og det har det vært i mange år. Leiv Eiriksson kunne nok Transocean ha fått mer for å selge utenom skraping men nå har Transocean fleste HE rigger og ønsker et strammere markedet og da er det fint å ta ut noen enheter.
Redigert 12.03.2021 kl 22:55 Du må logge inn for å svare
mimer
13.03.2021 kl 18:21 5897

Et par nye dokumenter datert 12.3. Ikke noe spesielt kanskje, men viser hvertfall at sakken putrer videre...


DEBTORS’ APPLICATION FOR ENTRY OF AN
ORDER AUTHORIZING THE EMPLOYMENT AND RETENTION
OF PRICEWATERHOUSECOOPERS LLP AS AUDIT AND INTERIM REVIEW SERVICES PROVIDER EFFECTIVE AS OF THE PETITION DATE

DEBTORS’ APPLICATION FOR ENTRY OF AN
ORDER AUTHORIZING THE EMPLOYMENT AND RETENTION OF HAYNES AND BOONE, LLP AS CONFLICTS CO-COUNSEL FOR THE DEBTORS AND DEBTORS-IN-POSSESSION EFFECTIVE AS OF THE PETITION DATE

mimer
19.03.2021 kl 17:37 5632

Det tikker inn meldinger om nye dokumenter i Chapter 11 saken.

Filed in TXSB on 03/18/21

Relief Requested

1. The Debtors seek entry of an order, substantially in the form attached hereto
(the “Bar Date Order”), approving the following relief:

a. Claims Bar Date. Establishing June 14, 2021 at 5:00 p.m., prevailing
Central Time
, as the last date and time for each entity2 to file proofs of
claim based on prepetition claims, including requests for payment under
section 503(b)(9) of title 11 of the United States Code, 11 U.S.C. §§ 101-
1532 (the “Bankruptcy Code”) (collectively, “Proofs of Claim”) against any
Debtor (the “Claims Bar Date”);

b. Governmental Bar Date. Solely as to governmental units (as defined in
section 101(27) of the Bankruptcy Code), establishing August 11, 2021 at
5:00 p.m., prevailing Central Time
, as the last date and time for each such
governmental unit to file Proofs of Claim against any Debtor
(the “Governmental Bar Date”);
mimer
19.03.2021 kl 18:08 5566

Og ser ut som Seadrill har fått en avtale med DNB om å overta en avtale med Danske Bank.

Case 21-30427 Document 270 Filed in TXSB on 03/16/21

DEBTORS’ MOTION
FOR ENTRY OF AN ORDER
(I) AUTHORIZING DEBTOR SEADRILL
RIG HOLDING COMPANY LIMITED TO
ENTER INTO A NEW GUARANTEE FACILITY
AGREEMENT, (II) MODIFYING THE AUTOMATIC STAY
WITH RESPECT THERETO, AND (III) GRANTING RELATED RELIEF

Relief Requested

1. The Debtors seek entry of an order substantially in the attached form (the “Order”)
(i) authorizing Debtor Seadrill Rig Holding Company Limited (“RigCo”) to enter into a guarantee
facility agreement with DNB Bank ASA (“DNB,” and such agreement, the “DNB Guarantee
Facility Agreement,” and the facility contemplated thereunder, the “DNB Guarantee Facility”),
(ii) modifying the automatic stay with respect thereto, and (iii) granting related relief. The DNB
Guarantee Facility Agreement is attached hereto as Exhibit A.

2. In support of the Motion, the Debtors submit the Declaration of Grant Creed in
Support of the Debtors’ Motion for Entry of an Order (I) Authorizing Debtor Seadrill Rig Holding
Company Limited to Enter into a New Guarantee Facility Agreement, (II) Modifying the Automatic
Stay with Respect Thereto, and (III) Granting Related Relief, filed contemporaneously herewith
(the “Creed Declaration”).
Preliminary Statement2

3. The Debtors are a complex, multinational enterprise that deals with numerous
entities in the ordinary course of business, including customers, vendors, domestic and
international regulators, lessors, and other counterparties. Before the Petition Date, in the ordinary
course of business, the Debtors relied on an existing guarantee facility provided by Danske
Bank A/S to establish guarantees of performance or provide credit support to such counterparties,
or otherwise to satisfy regulatory requirements. The Debtors, however, no longer have access to
new guarantees under this facility because of the commencement of these chapter 11 cases, and
accordingly require a replacement facility.

4. By this Motion, the Debtors request the authority to enter into a new guarantee
facility with DNB, which will permit the Debtors to issue up to $35 million of performance
guarantees and other credit support to third parties. The facility collateral will be cash in a DNB
account equal to 105% of the issued guarantees outstanding under the facility. To fund the new
facility, the Debtors’ will utilize cash that previously collateralized the Danske Guarantee Facility,
which became available after the Debtors and Danske entered into an amendment to reduce its
commitment amount by $35 million.

5. Entry into the DNB Guarantee Facility will allow the Debtors to continue to issue
critical credit support to customers and other counterparties in the ordinary course of business and
is a sound exercise of the Debtors business judgement. Accordingly, the Debtors request that the
Court grant the Motion.
Dolly
19.03.2021 kl 18:34 5489

Hva i all verden skjedde i auksjonen i dag?? Vel fikk en bunke og snittet ned det jeg hadde. Men skjønte ikke mye av den dumpen

Kjøper mer hvis kursen er samme på mandag, crashet litt idag ja. All inn på Seadrill neste uke.
Dolly
19.03.2021 kl 19:06 5400

Med mindre det dukker opp info som er svært negativ for sdrl så vil jeg tro den åpner langt over dagens sluttkurs. Av en eller annen grunn var det en som absolutt skulle ut med 3mill til dumpepris når kursen har liggi rundt 2.5 i lang tid
Fevang
19.03.2021 kl 20:42 5271

Dagens fall er jo bare en liten forsmak på hva som kommer når restruktureringen er ferdig. Den ender da selvsagt langt under dagens kurs; men den tid den sorg. I mellomtiden hopper den opp og ned. Kanskje lurt å tillegge chartet litt vekt - da ser man hvor dette går.

Dere kommer til å kjøpe inntil alt er tapt, intet nytt under solen fra løken med andre ord
Fevang
19.03.2021 kl 21:13 5203

Slutt å tull da Long - de taper sannsynligvis ikke ALT. Noen smuler får de jo beholde; så de taper bare nesten alt. Fin trøst det da.
Dolly
19.03.2021 kl 21:13 5201

Ingen problem å sette gevinst i en opsjon for et 2-4 ganger run. Se på historikken til sdrl. Takk uansett for omtanken Longs, men det går fint. Gå tilbake til acc og aow du

Går for Aksjesladder podcast Henriksen sin anbefaling. High risk high reward. Er et scenario med tidenes vakuum rally dette.
mimer
01.04.2021 kl 15:19 4211


Periodic Report Regarding Value, Operations, and Profitability of Entities
in Which the Debtor’s Estate Holds a Substantial or Controlling Interest
12/17



This is the Periodic Report as of _3/30/2021_ on the value, operations, and profitability of those entities in which a
Debtor holds, or two or more Debtors collectively hold, a substantial or controlling interest (a “Controlled Non-Debtor
Entity”), as required by Bankruptcy Rule 2015.3. For purposes of this form, “Debtor” shall include the estate of such
Debtor.







Balance Sheet


As at February 28, 2021


As at December 31, 2020





ASSETS


$ in Thousands


$ in Thousands





Current Assets





Cash and cash equivalents


161,010


181,419





Restricted cash


156,030


131,293





Marketable securities Carrying Value


10,792


8,414





Accounts receivables, net


350,634


302,432





Amount due from related party


16,077


21,011





Other current assets


102,790


92,587





Total current assets


797,334


737,156







Income Statement


Two months ended February 28, 2021


Year ended December 31, 2020





Revenues





Contract revenues


111,118


667,349





Reimbursable revenues


1,261


8,434





Other revenues


486


1,383





Total operating revenues


112,865


677,165


locksley
01.04.2021 kl 22:29 4040

Oppskrivning på over en halv milliard siden nyttår?! 60mill usd. Har du link?
Fevang
03.04.2021 kl 12:55 3478

Dagens eiere blir sittende med 1 (en) % !!!!!!! Og ikke får de tegningsretter i emisjonen heller!!!!

Om konsekvensene for dagens eiere av den massive gjeldskonverteringen har Rødland tidligere ordlagt seg slik:
«Seadrill har sagt i flere meldinger at den pågående restruktureringen vil lede til betydelig konvertering av gjeld til egenkapital og at verdien som blir igjen til dagens aksjonærer antagelig er marginal eller null».

Fortsatt noen som lurer på hvor dette ender??????

Jeg har vært negativ lenge, men dette ser enda verre ut enn jeg hadde tenkt meg.
Redigert 03.04.2021 kl 13:03 Du må logge inn for å svare
tuja
03.04.2021 kl 13:30 3412

https://e24.no/boers-og-finans/i/GaRmw9/fa-foreslaar-aa-kutte-seadrill-gjeld-med-41-milliarder-kroner

I et forslag sendt til domstolen i Texas, vil riggselskapet Seadrill slette gjeld tilsvarende 41 milliarder kroner. Om forslaget godkjennes, vil dagens aksjonærer sitte igjen med 1 prosent av selskapet.
GOV
03.04.2021 kl 15:09 3288

Idag verdsettes Seadrill til en markedsverdi på ca. 190 MNOK - og det inkludert 47 milliarder kroner i gjeld - som skal ned til 6 milliarder kroner innen september.. Markedsverdien har gått fra 20.000 millioner for drøye to år siden - og tilnærmet til 0 i dag (190 MNOK). Hvem blir med på kapitalutvidelsen tilsv. 2.500 MNOK... - og hva blir verdifastsettelsen av riggene i dagens marked... Flere usikkerhetsfaktorer - det jeg liker svært dårlig er at det ikke er annonsert en eneste ny kontrakt av betydning på flere måneder...

Redigert 03.04.2021 kl 15:10 Du må logge inn for å svare
mimer
03.04.2021 kl 16:03 3226

Utdrag fra dokumentet med forslaget fra Seadrill til refinansiering:


Executive Summary


The terms presented herein (the “Company Proposal”) contemplate $750mm of takeback debt and $300mm of new senior money allocated in a single silo facility, and an option for a full repayment of the AOD facility

Benefits of Company Proposal

• Total debt is reduced to $750mm in the Company Proposal, as compared to $1,600mm in prepetition discussions. New money is increased to $300mm from $200mm
• The allocation methodology is revised to appropriately reflect contracted revenues and cash
• The AOD cash takeout mechanism helps facilitate implementation

Benefits of Single Silo Structure

• The Company is proposing a single facility structure because it believes that there are significant benefits associated with doing so, such as:
– Cash management, governance issues, and conflicting interests are minimised, resulting in a simplified organisational structure

– There are a limited number of legal entities and relationships between entities (including transfer pricing rules), which lowers the cost of administration

– Complications associated with managed rigs that have contracts flowing through common entities are reduced

– Assuming proper documentation, future M&A activity is not significantly impacted (note: other restructured drilling companies do not have multiple silos)

• The total recoveries (estimated net scrap proceeds + allocated takeback debt + allocated equity) by silo are shown below under various illustrative total values

‒ AOD lenders have the option to elect cash for the full amount of their claim in lieu of their allocations

• Debt allocations rely first on the sum of (i) NPV of contracted backlog (firm and expected contracts) and (ii) projected cash upon emergence in September 2021(1), and then on remaining rig value (rig values as outlined in 17 March 2021 Revised CoCom Restructuring Proposal less NPV of contracted backlog), which accounts for each silo’s earning power and expected future contribution to the reorganised Company

• Equity is allocated dollar-for-dollar on the basis of any remaining rig value (calculated as rig value less allocated takeback debt) such that each rig receives a full consideration in debt and equity on the basis of its rig value. Any remaining equity is allocated pro rata to each facility’s nominal claim

‒ Blacked out...

‒ Equity allocation does not include any allocation to new money lenders, which could dilute the recoveries shown

• See Appendix for recoveries per lender


Equitisation

• RigCo deficiency claim to be converted to 99% equity in Seadrill Limited, subject to dilution from equity kicker for new money and MIP

• Anti-dilution and pre-emption rights for equitising RigCo lenders to be agreed

Residual equity to current shareholders set at 1%, provided unsecured creditors and shareholders vote as a class in support of the transaction

Ekstraordinær generalforsamling må godta disse betingelsene (antar med 2/3 flertall)...



Om ny kapital:

Secured Credit Facilities to receive $750mm of takeback debt allocated to the Existing Secured Credit Facilities [with ability to participate in a $[300]mm new money raise offered to holders of the Existing Secured Credit Facilities]


Chapter 11 forventet avsluttet i september?

• The $300mm new money is assumed to be available upon emergence in September 2021
Surik
03.04.2021 kl 23:11 2941

Kjapt regnet kursmål 25 øre.
Min anbefaling: Strong sell.
Tom25
03.04.2021 kl 23:14 2924

Hahahahaha skal du selge eller eier du ingenting?
Fevang
03.04.2021 kl 23:24 2893

Aksjen har jo lenge vært handlet langt over reell verdi - og slik fortsetter det en stund til. Så da blir det vel opp på tirsdag???

Er vel ikke tullinger som sitter med drillen nå? Kan jeg aldri tenke meg, likvideringen har jo vært varslet i 1,5 år
Redigert 03.04.2021 kl 23:32 Du må logge inn for å svare
mimer
04.04.2021 kl 17:42 2587

Neste høring for Seadrill Partners er 30.4.

04/30/2021 09:00 20-35740-11 434 Seadrill Partners LLC
Official Committee of Unsecured Creditors Confirmation Hearing
R19
04.04.2021 kl 18:41 2509

AOD kreditten blir betalt ned og da blir ikke riggene solgt. Det gir også goodwill til hedgefondene som eier 70 prosent av fasiliteten og kunne ha presset igjennom et salg. Hedgefondene har nok ikke flertall i NADL kreditt og derfor blir nok Seadrill flåten slik den er i dag (minus skraping). Fredriksen blir nok aksjonær enten at han blir med på emisjonen på 300 mill usd eller at han eier eller kjøper gjeld. Han gir aldri fra seg et Seadrill med minimal gjeld i en syklisk næring som har vært i krise siden 2014.
Redigert 04.04.2021 kl 18:42 Du må logge inn for å svare
mimer
13.04.2021 kl 14:09 1998

Høring og statuskonferanse i retten i Houston på torsdag den 15.4 for både Seadrill og Seadrill Partners.

Det renner inn med nye dokumenter i saken for Seadrill også, vanskelig å få tid til å se gjennom alt faktisk, noen som klarer?