SDRL - Seadrill Announces Final Voting Results of Its Plan of Reorganization: Virtually Unanimous Support for Its Plan Achieved
Hamilton, Bermuda, April 9, 2018 - Seadrill Limited has announced the voting results for its Chapter 11 Plan of Reorganization (the "Plan") filed with the U.S. Bankruptcy Court for the Southern District of Texas. The near unanimous support from the voting ballots reflects the overwhelming support for the Company's Plan and reorganization efforts. Of the 530 ballots cast by creditors voting on the Plan, 529 or 99.8% of all voting creditors aggregated across all creditors classes (excluding ballots cast by holders of interests) voted to accept the Plan. Shareholders voted approximately 29,000,000 shares in the Company, with 24,983,115 or 86% of shares voted to accept the Plan. The Plan received approval from every single class of creditors and holders of interests entitled to vote, far exceeding the required thresholds.
The voting results demonstrate the broad-based support by creditors and shareholders of the Company's reorganization transaction, which provides more than $1.08 billion of new capital, defers all secured credit facilities' maturities by approximately five years, and provides significant covenant relief. A confirmation hearing on the Plan is scheduled to begin on April 17, 2018.
More information on the restructuring and access to court documents, including the Plan and related disclosure statement, is available at https://cases.primeclerk.com/seadrill/.
This press release is not intended to be, and should not in any way be construed as, a solicitation of votes of bondholders or other investors regarding the chapter 11 plan.
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FORWARD LOOKING STATEMENTS
This news release includes forward looking statements. Such statements are generally not historical in nature, and specifically include statements about the Company's plans, strategies, business prospects, changes and trends in its business, the markets in which it operates and its restructuring efforts. These statements are made based upon management's current plans, expectations, assumptions and beliefs concerning future events impacting the Company and therefore involve a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, which speak only as of the date of this news release. Consequently, no forward-looking statement can be guaranteed. When considering these forward-looking statements, you should keep in mind the risks described from time to time in the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 20-F (File No. 001-34667). The Company undertakes no obligation to update any forward looking statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for the Company to predict all of these factors. Further, the Company cannot assess the impact of each such factor on its business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward looking statement.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.