Seadrill gets court approval for rescue plan – will leave Chapter 11 within 60 days

John Fredriksen's strained drilling company Seadrill has received final approval of its restructuring plan by a court in Texas. The company now expects to exit bankruptcy protection within 60 days.

Photo: Reuters File Photo/Reuters/Ritzau Scanpix

Seadrill's comprehensive restructuring plan has been confirmed by a court in Texas where the company has been under Chapter 11 bankruptcy protection with the aim of reorganizing its extensive debt.

Earlier this month, Seadrill's lenders approved the plan, which received final approval at a hearing in the bankruptcy court in Texas on Tuesday.

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