1. Seadrill Files for Chapter 11 Bankruptcy, Nearly Wiping out Shareholders

    Seadrill Files for Chapter 11 Bankruptcy, Nearly Wiping out Shareholders

    (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...

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  2. Quotes

    1. Holders of Seadrill common stock will receive approximately 2 percent of the post-restructured equity.
    2. With our improved capital structure, we will be in a strong position to capitalise when the market recovers.
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