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(Reuters) – Seadrill Ltd, the indebted oil
rig firm controlled by Norwegian billionaire John Fredriksen, has
agreed a restructuring that almost wipes out existing
shareholders after filing for Chapter 11 bankruptcy protection.
A deal with a consortium of investors, as well as bank lenders
and many of its bondholders, will bring in more than $1 billion
in fresh funding and aims to allow the firm to maintain its fleet
of drilling units and pay creditors and staff.
However, its shareholders will see their stakes heavily diluted.
“Holders of Seadrill common stock will
receive approximately 2 percent of the post-restructured
equity,” Seadrill said in a s…
Read the full article at: http://www.businessinsider.com/seadrill-chapter-11-bankruptcy-filing-2017-9