Seadrill risks defaulting on loans after expiration of forbearance agreement

The creditors of strained rig operator Seadrill are now free to declare a loan default after a forbearance agreement expired over the weekend. The struggling company still hopes to secure a comprehensive restructuring.

Photo: PR/Seadrill

John Fredriksen's Seadrill, which is trying to secure a new rescue plan, risks being hit with loan defaults by its creditors.

This has become possible after forbearance agreements between the company and its lenders expired over the weekend. As such, the lenders are now free to declare default on interest payments, Seadrill informed the Oslo Stock Exchange Sunday.

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