SDRLF - Seadrill's Asia units file for Chapter 11

Seadrill (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.

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Seadrill's Asia units file for Chapter 11