Sep
12
Seadrill Files Bankruptcy to Shrink Offshore Driller’s Debt
By-
Company chairman Fredriksen spent 18 months chasing debt deal
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New plan calls for extending maturity on $5.7 billion in debt
Seadrill Ltd., the offshore driller controlled by billionaire John Fredriksen, filed for bankruptcy protection after working out a deal with almost all its senior lenders to inject $1 billion of new money into the company.
Under the proposal, lenders will extend the maturity on $5.7 billion in debt, with no amortization payments due until 2020. Should lower-ranking creditors join the proposal, $2.3 billion in unsecured bonds would be converted into a 15 percent stake in the company, Seadrill said in a statement…
Seadrill Files Bankruptcy to Shrink Offshore Driller’s Debt
