Bondholder coalition vows to challenge Seadrill restructuring [Reuters]
Seadrill Limited Common Shares (SDRL)
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Source: Reuters
Bondholder coalition vows to challenge Seadrill restructuring | Reuters 3 Min Read WILMINGTON, Del, Oct 24 (Reuters) - A lawyer for a global group of investors in offshore drilling company Seadrill Ltd vowed on Tuesday to fight for fair treatment for bondholders unhappy with the company’s proposed debt-cutting plan. Norway’s Seadrill filed for U.S. Chapter 11 bankruptcy protection in Texas on Sept. 12, with a plan backed by nearly all lenders as well as holders of 40 percent of its bonds. The plan was backed by major shareholder John Fredriksen, the Norwegian-born shipping billionaire. It will extend by around five years maturities on billions of dollars in loans, intended to give the company breathing space until an industry recovery gains steam. Under the plan, holders of the company’s $2.3 billion in unsecured bonds would receive 14.3 percent of the stock in the reorganized company. That plan was “wholly unacceptable” to a group holding around 25 percent of Seadrill’s bonds, a lawy
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