September 28, 2017 / 9:17 PM / 10 months ago

Bankruptcy watchdog wants Seadrill to keep cash with U.S. banks

The $1 billion in cash held by Seadrill Ltd could be put at risk by the bankrupt oil rig company’s plan to leave much of the money with foreign banks while it works on restructuring, according the U.S. government’s bankruptcy watchdog.

In court papers filed on Wednesday, the U.S. trustee argued Seadrill’s cash-management plan should be rejected because it is at odds with the Bankruptcy Code requiring debtors to keep funds with financial institutions backed by the U.S. government.

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