By Nerijus Adomaitis and Tom Hals OSLO/WILMINGTON, Del., Feb 26 (Reuters) - Shipping tycoon John Fredriksen has reached an agreement with a majority of creditors over a restructuring plan for oil rig firm Seadrill Ltd, according to U.S. court documents on Monday. The company, once the world's largest offshore driller by market value, filed for Chapter 11 bankruptcy … [Read more...]
Fredriksen ‘Close’ Seadrill Debt Restructuring Deal
OSLO, Feb 17 (Reuters) - Seadrill's main owner, billionaire John Fredriksen, is close to reaching a final agreement with banks, bondholders and South Korean shipyards on a financial restructuring plan, the drilling rig company said in a court filing. The Oslo and New York-listed firm, once the world's largest offshore driller by market value, filed for Chapter 11 bankruptcy … [Read more...]
Seadrill Close to Restructuring Deal with Bondholders, Sources Say
By Nerijus Adomaitis and Tom Hals OSLO/WILMINGTON, Delaware, Feb 15 (Reuters) - Seadrill's main owner, billionaire John Fredriksen, is close to a deal with unsecured bondholders and South Korean shipyards on a restructuring plan for the rig operator, sources familiar with the talks said on Thursday. The Norwegian company, which last year filed for bankruptcy protection … [Read more...]
Fredriksen Seen as `Central’ to Seadrill Solution, DNB Says
By Mikael Holter (Bloomberg) -- After alternative proposals were unveiled seeking to challenge Seadrill Ltd.’s restructuring plan, one of the oil-rig company’s key banks said any deal will require the participation of billionaire John Fredriksen. The comments from DNB ASA, one of eight members of a committee of Seadrill lenders, come after disgruntled bondholders have … [Read more...]
Billionaire John Fredriksen’s Battle at Sea
by Chris Hughes (Bloomberg) Shipping billionaire John Fredriksen struck a deal to save his Seadrill Ltd oil services company from collapse in 2017. Next year, he faces a fight to keep the plan together. When oil majors cut drilling as crude prices collapsed in 2014, rig-supplier Seadrill was hit hard. Cash flows fell too low to support a $9 billion debt pile; the company's … [Read more...]