Seadrill bankruptcy exit plan approved by U.S. court [Seeking Alpha]
Seadrill Limited Common Shares (SDRL)
Last seadrill limited common shares earnings: 8/25 04:01 pm
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Source: Seeking Alpha
Seadrill bankruptcy exit plan approved by U.S. courtSeadrill’s (NYSE:SDRL) plan to exit Chapter 11 bankruptcy isapproved by a U.S. bankruptcy court, in which rank-and-file shareholders will see their stakesgreatly diluted.The plan extends maturities on more than $5B of bank loans, converts $2.3B in bond debt into equity in a reorganized company and will raise ~$1B in new debt and equity through a rights offering led by SDRL’s largest shareholder, John Fredriksen, and investment firm Centerbridge Credit Partners.Common shareholders will get only 2% of the equity in the post-bankruptcy company and lose the right to sue the company’s leaders and advisers over the moves that cut the value of their holdings.Click to subscribe to real-time analytics on SDRLNow read:Seadrill Reorganization Obtained Near Full Support From Creditors »
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