Seadrill Limited subsidiary Asia Offshore Drilling Limited and several other affiliated entities filed for Chapter 11 bankruptcy protection in Houston federal court this week.
According to the company’s voluntary petition, filed Sunday in U.S. Bankruptcy Judge David Jones’ court, Jackson Walker’s Matt Cavenaugh is guiding the companies through its restructuring. Cavenaugh, who is co-counseling with Kirkland & Ellis in this bankruptcy, is the only lawyer of record so far.
Bermuda-based Asia Offshore Drilling lists between $100 million and $500 million in liabilities and the same dollar range of assets. The company estimates that it has between 1,00 and 5,000 creditors. Many of its top 30 unsecured creditors hail from Dubai and various parts of Saudi Arabia.
Sunday’s Chapter 11 filing marks the second time in the last four years for the company to file for bankruptcy.
Seadrill has also engaged Slaughter and May, Conyers Dill & Pearman and Advokatfirmaet Thommessen AS as corporate legal advisors in the bankruptcy. Other professional services Seadrill has engaged in the restructuring include Houlihan Lokey as financial advisor, Alvarez & Marsal as restructuring advisor and Prime Clerk as notice and claims agent.
The case number is 21-30385 in the U.S. Bankruptcy Court for the Southern District of Texas.