Seadrill Ltd (SDRL)

[MisterEC]

Seadrill (SDRL -34.9%) says it has emerged from Chapter 11 bankruptcy after successfully completing its reorganization plan.

SDRL says the plan equitizes ~$2.4B in unsecured bond obligations, $1B-plus in contingent newbuild obligations and substantial unliquidated guaranty obligations while extending near term debt maturities, providing the company with more than $1B in fresh capital.

The company will list its new common shares on the NYSE under the same SDRL ticker, but investors "should take note of the anticipated cancellation of the existing shares and issuance of new common shares, and the two different CUSIP numbers signifying the existing shares and the new common shares."