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Seadrill receives "overwhelming" support for rescue plan from lenders

A majority of 88 percent of lenders have accepted a restructuring deal for ailing rig company Seadrill, controlled by John Fredriksen. The rescue plan must be approved by a court before October 26.

Photo: Seadrill

Ailing rig company Seadrill, controlled by John Fredriksen, has gained backing from an "overwhelming" majority of the company's creditors and shareholders for its rescue plan.

The company reports in a press release that all shareholders in all voting classes have accepted the plan, including lenders behind 12 credit facilities as well as unsecured creditors and shareholders. More than 96 percent of the secured lenders voted, with 88 percent of these accepting the plan, writes Seadrill.

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