Seadrill’s restructuring gets overwhelming approval

Seadrill’s restructuring gets overwhelming approval

John Fredriksen’s Seadrill has won approval from creditors and shareholders to push ahead with its Chapter 11 restructuring.

“The voting results demonstrate the broad-based support by creditors and shareholders of the Company’s reorganization transaction, which provides more than $1.08 billion of new capital, defers all secured credit facilities’ maturities by approximately five years, and provides significant covenant relief,” Seadrill stated in a release.

Fredriksen, whose career in shipping dates back some 50 years, has commented in the past that the restructuring of Seadrill has been the most complex financial move he has encountered.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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