Why Shares of Seadrill Ltd Soared 78% in May [The Motley Fool]
Seadrill Limited Common Shares (SDRL)
Last seadrill limited common shares earnings: 8/25 04:01 pm
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Source: The Motley Fool
Fading fears sent the offshore drilling stock skyward last month. Matthew DiLallo ( TMFmd19 ) Jun 7, 2018 at 9:18AM What happened Shares of Seadrill ( NYSE:SDRL ) rocketed in May, ending the month up 78%. Fueling the offshore driller's rebound were fading investor fears after the company received approval for its plan to exit bankruptcy in April. So what In mid-April, a U.S. judge approved Seadrill's plan to exit Chapter 11 bankruptcy. That deal will extend the maturities of $5 billion in bank loans and convert $2.3 billion of bond debt into equity. Further, Seadrill will receive a $1 billion capital injection led by the company's largest shareholder. Image source: Getty Images. Unlike most bankruptcy outcomes, legacy shareholders didn't see their investment in the company wiped out during the proceedings. While they'll only get 2% of
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News
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