- Seadrill (OTCQX:SDRLF) says it filed for Chapter 11 bankruptcy protection for its Asian units, the second within four years by what was once the world's largest offshore oil driller by market value.
- The filing covers wholly-owned subsidiaries Seadrill GCC Operations, Asia Offshore Drilling Ltd., Asia Offshore Rig 1 Ltd., Asia Offshore Rig 2 Ltd. and Asia Offshore Rig 3 Ltd.
- Last week, the company said it obtained a new forbearance agreement from most of its senior secured lenders, which gave it more time to come up with a plan to shore up its finances.
- Seadrill completed an overhaul of its finances in July 2018 but still was weighed with nearly $6B in bank debt after leaving bankruptcy protection.
Seadrill's Asia units file for Chapter 11
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