Seadrill Proposes Debt Write-Off in Bankruptcy Court -Report

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    Greensea Systems
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    By Rafaela Lindeberg (Bloomberg) —

    Offshore contractor Seadrill Ltd., owned by billionaire John Fredriksen, is proposing a debt write-off of just over $4.8 billion, according to Finansavisen.

    The proposal, sent to the U.S. bankruptcy court in Texas ahead of the Easter holidays, would let Seadrill’s lenders take over 99% of the company and leave current shareholders with the remaining 1%, the paper said.

    Related: Read more by visiting gCaptain.

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