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Seadrill Limited latest news:
Bondholder coalition vows to challenge Seadrill restructuring
A lawyer for a global group of investors in offshore drilling company Seadrill Ltd (SDRL) vowed on Tuesday to fight for fair treatment for bondholders unhappy with the company's proposed debt-cutting plan. Norway's Seadrill filed for U.S. Chapter 11 bankruptcy protection in Texas on Sept. 12, with a plan backed by nearly all lenders as well as holders of 40 percent of its bonds.
Seadrill files for bankruptcy protection and restructures debt
Offshore drilling company Seadrill Ltd. said late Tuesday is has filed for bankruptcy protection and agreed to a major restructuring plan with its senior lenders. Under the plan, the company's lenders will extend the maturity on $5.7 billion in debt until 2020. The restructuring agreement also delivers $1.06 billion in new capital, comprised of $860 million in secured notes and $200 million of equity. The struggling driller said last month it was planning to file for bankruptcy protection as part of a plan to restructure its debt. The Bermuda-based company, controlled by Norwegian shipping magnate John Fredriksen, is one of the world's largest offshore drilling companies. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
BRIEF-Seadrill files for chapter 11 bankruptcy in Texas - Court Filing
* Seadrill files for chapter 11 bankruptcy in texas - Court
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