OSLO, July 26 (Reuters) – Offshore drilling contractor
Seadrill delayed the restructuring of its $14 billion
in debt and liabilities on Wednesday and reiterated that Chapter
11 bankruptcy proceedings were likely.
Once the world’s biggest offshore rig firm by market value,
its shares have plunged 99 percent since a peak hit in September
2013.
The crown jewel in the business empire of billionaire of
John Fredriksen, has struggled as energy firms have slashed
investment due to a more than 50 percent fall on crude prices
since 2014.
“(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, pushin…
Read the full article at: http://www.businessinsider.com/r-seadrill-extends-14-bln-debt-restructuring-warns-of-chapter-11-2017-7