Seadrill May File for Chapter 11 Bankruptcy

OSLO, Feb 28 Rig firm Seadrill, battling with $14 billion in debt and liabilities, said on Tuesday it may have to file for Chapter 11 bankruptcy protection if it fails to reach a restructuring agreement with its lenders.

News ID: 72686

Date: 28 February 2017 - 14:43

According to MANA, once the crown jewel in the empire of shipping tycoon John Fredriksen, Oslo-listed Seadrill's shares have fallen 92 percent in the past three years as plunging crude prices and drastic spending cuts by oil companies hammered rig rates.

The company said it would be challenging to find a "fully consensual agreement" before an April 30 deadline. For months Seadrill has been in discussions with more than 40 banks, as well as bondholders, to reach a deal.