Seadrill bondholders propose alternative debt restructuring -sources
OSLO, Dec 12 (Reuters) - An unofficial committee of Seadrill’s unsecured bondholders has submitted a binding alternative proposal for the company’s restructuring, two sources familiar with the proposal told Reuters on Tuesday.
Norwegian-born billionaire John Fredriksen and a group of hedge funds proposed on Sept. 12 to invest $1.06 billion via new equity and secured debt to restructure indebted Seadrill, once the largest drilling rig operator by market value.
“Total investments (in the alternative plan) are on par with the official restructuring proposal, but it’s not a copy paste. It’s an improvement for unsecured bondholders,” one source said, declining to elaborate.
Seadrill was not immediately available for comment when contacted by Reuters. (Reporting by Nerijus Adomaitis, editing by Terje Solsvik)