White & Case Advises the Coordinating Committee of Agent Banks and Lenders in Seadrill's Reorganization

Global law firm White & Case LLP has acted as co-counsel to the coordinating committee of agent banks and lenders, which represented holders of US$5.6 billion of senior secured indebtedness across 12 credit facilities, in the successful reorganization of Seadrill Ltd., an offshore drilling rig operator, and its affiliates.

The reorganization resulted in 99.75 percent of equity of a new Seadrill parent entity being allocated to creditors, including providers of US$300 million of new first-priority senior secured debt.

Seadrill Ltd. filed for chapter 11 protection in the US Bankruptcy Court for the Southern District of Texas in February 2021, due to economic conditions that hampered its recovery since it emerged from its previous chapter 11 in 2018. The company's chapter 11 plan was approved in October 2021.

The White & Case team was led by partners Scott Greissman, Philip Abelson and Rob Bennett and included partners Elizabeth Kirk (all in New York), Ian Wallace and Will Stoner (both in London), Charles Koster (Houston) and Ji Hoon Hong (Seoul); and associates Andrea Amulic, Viktor Braun, Julia Feng, Drew Magee and Michelle Perez (all in New York), Kristin Schultz (Miami) and Beth Hough (London).

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