Hamilton, Bermuda-headquartered, global offshore drilling services provider Seadrill Limited ("Seadrill") grabbed the brass ring for 2017 when it filed for chapter 11 protection on September 12, 2017, in the Southern District of Texas, listing $21.6 billion in assets and $11.6 billion in debt. Concurrent with its chapter 11 filing, Seadrill announced its entry into a prenegotiated restructuring agreement with more than 97 percent of its secured bank lenders, approximately 40 percent of its bondholders, and a consortium of investors led by its largest shareholder. Under the agreement, Seadrill will be recapitalized with $860 million of secured notes and $200 million of equity. Seadrill's secured lenders agreed to defer the maturities of $5.7 billion in secured credit facilities and, assuming unsecured creditors support the plan, Seadrill's $2.3 billion in unsecured bonds and other unsecured claims will be converted into approximately 15 percent of the post-restructuring equity.