OSLO: Offshore drilling contractor Seadrill plans to launch a long-awaited Chapter 11 debt restructuring in mid-September, and aims to raise $1 billion in new capital, the company said on Thursday.
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.
“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,” Seadrill’s Chief Executive Anton Dibowitz said in a statement.
The restructuring plan was likely to involve raisin…
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