Press release: http://ift.tt/2wYKyua
So here's the pretty much conclusion of Seadrills financial troubles. Pre-arranged Chapter 11 with 97% of bank lenders and 40% of bond holders on urits proposed restructuring plan. Banks will defer payments on $5.7 billion worth of credit facilities until 2020. Existing equity managed to avoid a total wipe out and will retain 2% of the post restructuring equity. Stock is up 32% AH.
Seadrill will also get $1.06 Billion in new capital, primarily as bonds but also $200M worth of new equity.
Ultimately is seems like most of the bank debt isn't being extinguished at this point and though the company will be leaner overall and it defers a lot of short term debt problems. Ultimately John Friedreksen did not bail the company out and chose to preserve or expand his equity holdings through debt ownership.
I haven't had a chance to read through the 6-K yet so there might be more goodies in there.
Submitted September 12, 2017 at 07:52PM by ObservationalHumor http://ift.tt/2w6cSh0
