A U.S. court should dismiss the information provided by drilling rig firm Seadrill about its restructuring plan as inadequate, the U.S. Trustee said in a filing on Wednesday, Reuters reported. The U.S. Trustee said that the bankruptcy court in Texas should reject Seadrill’s “disclosure statement” on its restructuring proposal, a move that would require the Norwegian company to revise its statement and could delay the process. Seadrill, once the largest drilling rig operator by market value, filed for bankruptcy protection in a U.S. court on Sept. 12 after being hit hard by cutbacks in oil company investment following a steep drop in oil prices. The company’s main owner, Norwegian-born billionaire John Fredriksen, has drawn up a $1.1 billion restructuring plan with Centerbridge Partners L.P. and a group of hedge funds. The court, which has to approve the disclosure statement before the plan can be put to a vote by creditors, is due to hold a hearing on Jan. 10.
