BRIEF-Seadrill plans Chapter 11, current shareholders to see "minimal recovery" [Reuters]
Seadrill Limited Common Shares (SDRL)
Last seadrill limited common shares earnings: 8/25 04:01 pm
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Source: Reuters
BRIEF-Seadrill plans Chapter 11, current shareholders to see "minimal recovery" April 4 Seadrill Ltd: * Announces today that it has reached agreement with itsbanking group to extend a series of key dates as part ofcompany's ongoing restructuring efforts. * Company has reached an agreement to extend milestone toimplement a restructuring plan from 30 april to 31 july 2017 andalso to extend related covenant amendments and waivers expiringon 30 june 2017 to 30 september 2017 * Has also received lender consent to extend maturity datesof three facilities * We expect implementation of a comprehensive restructuringplan will likely involve schemes of arrangement or chapter 11proceedings, and we are preparing accordingly * Company's business operations remain unaffected by theserestructuring efforts * Will continue to meet its ongoing customer and businesscounterparty obligations * As a result, company currently expects that shareholdersare likely to receive minimal recovery for their existing
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