(Adds analyst, debt and liabilities estimate)
By Nerijus Adomaitis
OSLO, Aug 24 (Reuters) – Offshore drilling contractor Seadrill plans to launch a long-awaited Chapter 11 debt restructuring by Sept. 12, and aims to raise $1 billion in new capital, it said on Thursday.
Once the biggest offshore rig firm by market value and the crown jewel of Norwegian billionaire John Fredriksen’s business empire, Seadrill shares have plunged 99 percent from a 2013 peak as energy firms have slashed spending to cope with lower prices.
The Chapter 11 process provides a company with protection from creditors while it seeks to renegotiate its debts and secure its future.
“Our primary objective at the moment is concluding final negotiations on our comprehen…
Read the full article at: https://www.reuters.com/article/seadrill-results-idUSL8N1LA1R2