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Previous Chapter 11 Proceedings (Tables) | 12 Months Ended
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Dec. 31, 2020
Reorganizations [Abstract] |
Summary of restructuring shares | This is summarized in the below table:
|  |  |  | Percentage
Recipient of Common Shares |  | Number of shares |  | Prior to dilution by Primary Structuring Fee and the shares reserved under the Employee Incentive Plan |  | Prior to dilution by the shares reserved under the Employee Incentive Plan |  | Fully diluted
Commitment Parties (in exchange for cash paid pursuant to the Investment Agreement) and Equity Rights Offering Subscribers |  | 23,750,000 |  |  | 25.00 | % |  | 23.75 | % |  | 21.38 | %
Recipients of Senior Secured Notes (including Commitment Parties and Notes Rights Offering Subscribers) |  | 54,625,000 |  |  | 57.50 | % |  | 54.63 | % |  | 49.16 | %
Holders of General Unsecured Claims |  | 14,250,000 |  |  | 15.00 | % |  | 14.25 | % |  | 12.82 | %
Former Holders of Old Seadrill Limited Equity and Seadrill Limited 510(b) Claimants |  | 1,900,000 |  |  | 2.00 | % |  | 1.90 | % |  | 1.71 | %
Fees to Select Commitment Parties |  | 475,000 |  |  | 0.50 | % |  | 0.47 | % |  | 0.43 | %
All creditors, excluding Primary Structuring Fee |  | 95,000,000 |  |  | 100.00 | % |  | 95.00 | % |  | 85.50 | %
Hemen (on account of Primary Structuring Fee) |  | 5,000,000 |  |  | - |  | 5.00 | % |  | 4.50 | %
Total, prior to dilution by shares reserved under the Employee Incentive Plan |  | 100,000,000 |  |  | - |  | 100.00 | % |  | 90.00 | %
Reserved for the Employee Incentive Plan |  | 11,111,111 |  |  | - |  | - |  | 10.00 | %
Total, fully diluted |  | 111,111,111 |  |  | - |  | - |  | 100.00 | %
Schedule of reorganization items | The following table summarizes the components included within reorganization items:
| Successor |  |  | Predecessor
(In $ millions) | Year ended December 31, 2020 |  | Year ended December 31, 2019 |  | Period from July 2, 2018 through December 31, 2018 |  |  | Period from January 1, 2018 through July 1, 2018
Professional and advisory fees | — |  |  | — |  |  | (9) |  |  |  | (187) |
Gain on liabilities subject to compromise | — |  |  | — |  |  | — |  |  |  | 2,958 |
Fresh start valuation adjustments | — |  |  | — |  |  | — |  |  |  | (6,142) |
Interest income on surplus cash invested | — |  |  | — |  |  | — |  |  |  | 6 |
Total reorganization items, net | — |  |  | — |  |  | (9) |  |  |  | (3,365) |

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