Seadrill files for Chapter 11
11 Feb 2021
Seadrill has announced that Chapter 11 cases have been filed in the Southern District of Texas in respect of Seadrill and its consolidated subsidiaries with the exceptions set out below.
These filings are made in addition to the Chapter 11 cases filed separately for Seadrill GCC Operations Ltd, Asia Offshore Limited, Asia Offshore Rig 1 Limited, Asia Offshore Rig 2 Limited and Asia Offshore Rig 3 Limited, as announced by the Company on February 7, 2021. The Chapter 11 filings do not include Seadrill New Finance Limited and its subsidiaries; Seabras Servicos de Petroleo SA, Seadrill JU Newco Bermuda Limited, Seadrill Member LLC, Seadrill Mobile Units UK Limited, Seadrill Partners LLC Holdco Limited, Seadrill Seabras SP UK Limited, Seadrill Seabras UK Limited, Seadrill Seadragon UK Limited, Seadrill SeaMex 2 de Mexico S de RL de CV, Seadrill SeaMex SC Holdco Limited, Seadrill SKR Holdco Limited, Sevan Drilling Rig VI AS, and Sevan Drilling R
Seadrill Limited (SDRL): Filing of Chapter 11 Cases for Seadrill
HAMILTON, Bermuda, Feb. 10, 2021 /PRNewswire/ The Board of Seadrill Limited ( Seadrill or the Company ) (OSE: SDRL, OTCQX:SDRLF) today announces that Chapter 11 cases have been filed in the Southern District of Texas in respect of Seadrill and its consolidated subsidiaries (the Seadrill Group ) with the exceptions set out below.
These filings are made in addition to the Chapter 11 cases filed separately for Seadrill GCC Operations Ltd, Asia Offshore Limited, Asia Offshore Rig 1 Limited, Asia Offshore Rig 2 Limited and Asia Offshore Rig 3 Limited, as announced by the Company on February 7, 2021. The Chapter 11 filings do not include Seadrill New Finance Limited and its subsidiaries; Seabras Servicos de Petroleo SA, Seadrill JU Newco Bermuda Limited, Seadrill Member LLC, Seadrill Mobile Units UK Limited, Seadrill Partners LLC Holdco Limited, Seadrill Seabras SP UK Limited, Seadrill Seabras UK Limited, Seadrill S
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MISSION, Texas, Feb. 3, 2021 /PRNewswire/ Frontera Holdings LLC (Frontera or the Company) announced today that it has entered into a Restructuring Support Agreement (RSA) with approximately 97 percent of its term loan lenders, 100 percent of its noteholders, and its 100 percent equity holder, through which most of the Company s debt will be converted into equity and the current term loan and revolving credit facility lenders will become the new owners of the Company. To advance this process, the Company has filed voluntary petitions for reorganization under chapter 11 of the U.S. Bankruptcy Code before the U.S. Bankruptcy Court for the Southern District of Texas.
New Restructuring Era in Debt-Laden Gulf Sets Off Hiring Spree
Bloomberg 1/21/2021 Nicolas Parasie
(Bloomberg) The world’s biggest restructuring firms are boosting their presence in the Gulf region, anticipating a spate of turnaround work as companies succumb to the coronavirus pandemic after years of economic pain.
New York-based Alvarez & Marsal Inc., which worked on the Lehman Brothers Holdings Inc. bankruptcy, has already added three seasoned professionals to its Middle East team this year. The hires are part of an effort to expand to about 150 in the region over the next three to five years from just 10 in 2015, according to A&M’s head for the Middle East, Saeeda Jaffar.
Odyssey Investment Partners Acquires Applied Technical Services
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NEW YORK, Jan. 19, 2021 /PRNewswire/ Odyssey Investment Partners ( Odyssey ) announced that a fund it manages has acquired Applied Technical Services, Inc. ( ATS or the Company ), a premier provider of high-quality testing, inspection, and calibration services, in partnership with Jim J. Hills, the Company s President, and the existing ATS management team. Financial terms of the transaction were not disclosed.
ATS, headquartered in Marietta, Georgia with more than 40 offices across the US, is a leading technical service platform that deploys a national network of experienced, highly technical professionals to provide mission-critical testing, inspection, certification, and compliance ( TICC ) services. Powered by innovative technology, significant operational scale and expertise, and deep knowledge of complex regulations, ATS delivers a vast suite of compre