wiredinUSA February 2020

Chapter 11 filing

Seabras 1 Bermuda Ltd and Seabras 1 USA LLC have filed voluntary petitions for relief under Chapter 11 of the United States bankruptcy code. The filings were made to ensure an orderly process of a restructuring plan, while ensuring that customers will continue to be served. On emergence from the process the companies expect to be in a position to pursue a combined business plan.

future, and to work closely with its secured lenders to establish a plan to address its debt situation and emerge as a viable business. Seaborn Networks, an indirect shareholder of the companies and operator of the companies’ business, is not part of the filings and will continue to operate as before. Seaborn’s work is not expected to be impacted by the filings, and its management and workforce are expected to remain unchanged.

Seabras 1 Bermuda anticipates filing its proposed restructuring plan in the near

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wiredInUSA - February 2020

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