SDRLF - Seadrill Takes First Step Towards Bankruptcy
Seadrill (SDRLF) announced that it had entered into forbearance agreements with certain creditors under the company’s secured credit facilities, senior secured notes and a guarantee facility. Previously, the company stated that it was evaluating restructuring proposals, and that potential solutions included significant equitization of debt.
This is the first step in Seadrill’s restructuring, so let’s take a closer look.
On September 14, Seadrill announced that it acquired the minority holding of 33.76% shares in Asia Offshore Drilling for $31 million. The key assets of Asia Offshore Drilling are jack-ups AOD I, AOD II