Seadrill warns again of Chapter 11 as extends $14 billion debt talks
Offshore drilling contractor Seadrill (SDRL.OL) again delayed restructuring its $14 billion (£10.75 billion) in debt and liabilities on Wednesday and reiterated that Chapter 11 bankruptcy was likely. Once the biggest offshore rig firm by market value and the crown jewel in the business empire of Norwegian billionaire John Fredriksen, Seadrill shares have fallen 99 percent from a September 2013 peak. “(Seadrill) has reached an agreement with its bank group to extend the comprehensive restructuring plan negotiating period until Sept. 12,” the firm said in a statement, pushing back a previous July 31 deadline and the latest of several delays.
Source:: https://finance.yahoo.com/news/seadrill-extends-14-billion-debt-065551972.html
