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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?
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)
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.
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.
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.
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.
og også gitt Seadrill tilgang til sine finansielle midler.
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.
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
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.
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».
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.
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
Filed in TXSB on 03/18/21
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”);
Case 21-30427 Document 270 Filed in TXSB on 03/16/21
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
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”).
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.
Periodic Report Regarding Value, Operations, and Profitability of Entities
in Which the Debtor’s Estate Holds a Substantial or Controlling Interest
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
As at February 28, 2021
As at December 31, 2020
$ in Thousands
$ in Thousands
Cash and cash equivalents
Marketable securities Carrying Value
Accounts receivables, net
Amount due from related party
Other current assets
Total current assets
Two months ended February 28, 2021
Year ended December 31, 2020
Total operating revenues
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.
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.
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
• 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 $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
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