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Offshore oil driller Seadrill plans to emerge from chapter 11 protection in late June or early July to catch the rising wave of rig market activity, its chief executive told said yesterday, Reuters reported. The company won U.S. court approval on Tuesday for its multi-billion dollar debt restructuring plan after reaching a deal with more than 40 banks, unsecured creditors and shipyards. “The confirmation is the most significant milestone in the process, and now we need to implement the plan over 60 to 90 days. Obviously, we would like to do it as fast as possible,” said CEO Anton Dibowitz. Seadrill plans to expand relations with Schlumberger (SLB.N), the world’s largest oil services firm, and other suppliers to the global oil and gas industry, although the company had no immediate consolidation plans, he added.

A U.S. judge said yesterday that he would approve Seadrill Ltd’s plan to exit its chapter 11 bankruptcy, in which the global offshore oil and gas drilling company would shed billions of dollars of debt and raise $1 billion in new investment, Reuters reported. Bankruptcy Judge David Jones in Houston overruled two minor objections to the reorganization plan during a 90-minute hearing. The plan extends maturities on more than $5 billion of bank loans and converts about $2.3 billion in bond debt into equity in a reorganized Seadrill. In addition, the plan will raise about $1 billion in new debt and equity through a rights offering led by Seadrill’s largest shareholder, John Fredriksen, and investment firm Centerbridge Credit Partners LP.

U.S. nursing home chain HCR ManorCare Inc. won court approval on Friday for a plan to exit a $7.1 billion chapter 11 protection by transferring ownership to its landlord, Quality Care Properties Inc., Reuters reported. Bankruptcy Judge Kevin Gross approved the pre-packaged reorganization that will give Quality Care, with 10 employees and $318 million in annual revenue, control over ManorCare. Toledo, Ohio-based ManorCare has more than 50,000 employees in more than 450 senior living facilities and clinics across the country, with annual revenue of $3.7 billion. ManorCare, which filed for bankruptcy in March, is one of many chains that has struggled to make rent on leases signed before declining Medicaid and Medicare reimbursements started cutting into margins in 2012.

The Chief Executive of offshore oil and gas driller Fieldwood Energy LLC, Matt McCarroll, says he is not scared of the hurricanes, geological risks and costs that keep some oil companies out of the Gulf of Mexico. Instead, he is doubling down, Reuters reported. The private equity-backed company — already the largest operator on the U.S. outer continental shelf — announced today that it is closing a $480 million acquisition of Noble Energy’s assets in the Gulf of Mexico that will add 25,000 barrels per day (bpd) to its current net production of 72,000 bpd of oil equivalent. Fieldwood initiated the deal while in the midst of bankruptcy and the acquisition will close on the day it emerges. “Where others may see it as maturing or dead, we think (the U.S. Gulf of Mexico) still holds vast opportunities for those of us with the unique experience to manage the challenges,” he said. McCarroll said Fieldwood will start a drilling program on the newly-acquired assets that are not currently producing within six to twelve months, and will evaluate its existing acreage before making another acquisition.