US Court Approves Seadrill's Bankruptcy Exit Plan
A U.S. judge said on Tuesday 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. U.S. 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.
Welsh Secretary Says Ports are Vital for Economy
The Welsh Secretary of State David Jones has announced his intention to host a reception during September’s London International Shipping Week to highlight the importance of the Welsh maritime sector. And he has highlighted the economic importance of Welsh ports, stating, “Welsh ports, their industry and the passengers and freight passing through them, form a vital part of the economic infrastructure of Wales. They also make a wider contribution to the U.K. In an article written for the U.K. Chamber of Shipping’s website, David Jones MP, Secretary of State for Wales said, “I believe the U.K.
PD Logistics Awarded Safety Honor
The North Lincolnshire Health & Safety Group has presented PD Logistics, part of the PD Ports Group, with its annual Health and Safety award, recognizing the Company’s commitment to the highest levels of health and safety. The main award was presented to Jim French, director & general manager for PD Logistics, in recognition of the company’s continued commitment to improving competence levels and the raising of its health & safety standards. At the awards dinner, all companies which achieved lower than their industry standard for reportable accidents in 2008 were also awarded certificates. PD Logistics’ program of education and training…
