Announcing the company’s second quarter results Seadrill Management president and ceo Anton Dibowitz: “Our primary objective at the moment is concluding final negotiations on our comprehensive restructuring plan, which is at an advanced stage and likely to be implemented via Chapter 11 proceedings on or before 12th September 2017.”
It is bad news for shareholders and the company reiterated that they would receive little or no recovery on existing shares.
Giving details of its planned restructuring Seadrill said: “It is likely that the comprehensive restructuring plan will involve the raising of approximately $1bn of new capital, an approximately five year extension of our bank facilities and a deferral of amortizations and will require a substantial impairment or conversion of our bonds, as well as impairment and losses for other stakeholders, including shipyards.”
Seadrill reported a second quarter net loss of $158m on revenues of $577m.
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