UPDATE 1-Rig firm Seadrill warns shares to have little value after restructuring [Reuters]
Seadrill Limited Common Shares (SDRL)
Last seadrill limited common shares earnings: 8/25 04:01 pm
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Source: Reuters
* Restructuring $14 bln in debt and liabilities * Restructuring talks extended by 3 months to July 31 * CEO says Fredriksen involved in the talks * Declines to say whether Fredriksen prepared to inject cash(Adds CEO quote, detail) By Ole Petter Skonnord and Terje Solsvik OSLO, April 4 Rig firm Seadrill warnedshareholders on Tuesday that their stock will lose almost all ofits value as the Norwegian company prepares for potentialbankruptcy proceedings to restructure $14 billion in debt andliabilities. Shares in what was once the crown jewel in shipping tycoonJohn Fredriksen's empire have already fallen 95 percent in thepast three years as low oil prices prompted drastic spendingcuts by energy companies, hammering rig rates. News of potential further damage to the stock sentSeadrill's shares plunging early on Tuesday, trading 40 percentlower at 8.4 crowns as of 0705 GMT. The company said its banks and other lenders had agreed toextend restructuring talks
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