SDRLF - Seadrill asks creditors to write off $4.8B of debts - report

Seadrill (SDRLF) has proposed a debt writeoff of more than $4.8B, or by more than 86%, in its latest restructuring proposal that envisions it emerging from bankruptcy by September with $750M in total debt and $300M in fresh capital.In a proposal sent to the U.S. bankruptcy court in Houston ahead of the Easter weekend, as first reported by Norway's Finansavisen newspaper, Seadrill asked lenders take over 99% of the reorganized company and leave current shareholders with the remaining 1%.Seadrill also said in its proposal it expects to raise a net $26M by selling some of its 34 rigs for scrap.Seadrill and its creditors are expected to update the bankruptcy court about their negotiations on April 15.The offshore drilling rig contractor filed for U.S. bankruptcy protection in February, its second Chapter 11 filing in four years.

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Seadrill asks creditors to write off $4.8B of debts - report