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Seadrill plans to shave large chunk off debt in restructuring

Hard-pressed Seadrill has requested a bank debt reduction of just over USD 4.8 billion, writes Finansavisen.

Rig company Seadrill is controlled by John Fredriksen. | Photo: Ints Kalnins/Reuters/Ritzau Scanpix

Norway's Seadrill, currently under US bankruptcy protection, proposes to have a large chunk of its bank debt removed.

The hard-pressed company has submitted a restructuring proposal to the bankruptcy court in Houston, writes Norwegian business daily Finansavisen. Seadrill proposes to have its bank debt reduced by around USD 4.8 billion, and to continue operations with a debt of USD 750 million. According to the newspaper, this corresponds to a debt reduction of 86.5 percent.

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