Seadrill filed with the U.S. Bankruptcy Court a second motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including March 12, 2019 and May 10, 2019, respectively.
The motion explains, “The hearing to confirm the Plan that embodies this globally-supported restructuring is scheduled to commence on April 17, 2018, approximately one month before the expiration of the Debtors’ exclusive right to file a chapter 11 plans on May 10, 2018. Further, the expiration of the Debtors’ exclusivity period will occur prior to the conclusion of the implementation of the Debtors’ complex corporate restructuring and going effective under the Plan. Out of an abundance of caution, the Debtors seek an extension of the exclusivity period in which the Debtors may file and solicit acceptances of a chapter 11 plan of reorganization.”
In addition, “The Debtors believe that maintaining the exclusive right to file and solicit votes on a plan of reorganization is critical to realizing the value-maximizing restructuring contemplated by the Plan. Extending the exclusivity periods will afford the Debtors and their stakeholders time to finalize the transactions contemplated by the Plan, and proceed toward emergence in an efficient, organized fashion.”
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