Executive management along with the board of directors at drilling rig company Seadrill have initiated a procedure that will involve banks, bondholders and shareholders, CEO Per Wulff tells Bloomberg.
Every week, Wulff meets with John Fredriksen, who owns 24 percent of the shares in Seadrill, to discuss the challenges. Wulff declines to comment further on the plans, meant to prevent Seadrill from crashing into a debt wall that is approaching at the end of 2017 when bond loans worth USD 1 billion expire.
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