Seadrill gets extension of milestones under cash collateral order

By Sarah Lizee

Olympia, Wash., Jan. 29 – Seadrill Partners LLC received an extension of some of the milestones under its interim cash collateral order, according to a notice filed Friday with the U.S. Bankruptcy Court for the Southern District of Texas.

Specifically, the milestones were extended so that in no later than 66 calendar days after the petition date the debtors will have filed a Chapter 11 plan and disclosure statement and executed an agreement relating to the operation of the debtors’ vessels, with the agreement required to be approved within 94 days from the petition date.

As previously reported, Seadrill received interim approval to use the cash collateral of its pre-bankruptcy secured term loan lenders on an emergency basis.

Alter Domus (US) LLC is the administrative agent of the term loan credit agreement dated Feb. 21, 2014.

London-based Seadrill Partners owns, operates and acquires offshore drilling rigs and filed Chapter 11 bankruptcy on Dec. 1. The company was formed by Seadrill Ltd., which filed Chapter 11 bankruptcy on Sept. 12, 2017 and emerged on July 2, 2018.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.