Appleby Bermuda advises on high profile USD 10 billion group restructuring

5 July2018

 

Appleby Bermuda advised the coordinating committee representing a bank group holding USD 7.4 billion in secured debt, on Seadrill Limited’s successful completion of its USD 10 billion comprehensive group restructuring plan pursuant to its chapter 11 plan of reorganisation. Seadrill is one of the world’s largest offshore drilling companies. This high profile restructuring was one of the most complex restructurings in history and the largest ever in the offshore drilling sector, spanning various jurisdictions. It was the largest chapter 11 filing of 2017 and involved more than a quarter of the world's largest 100 banks.

The Appleby team was led by restructuring partner John Wasty and corporate partner Tammy Richardson-Augustus who were assisted by John Riihiluoma, Jerome Wilson, Tiffany Boys, Josephine Noddings and Lalita Vaswani.

Appleby was recently recognised by Global Restructuring Review as one of the 30 leading law firms in the world for global restructuring. During the two year restructuring process, the Bermuda team worked alongside White & Case NY as US Legal counsel, White & Case LLP as English counsel and Advokatfirmaet BAHR AS as Norwegian counsel.

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