Seadrill filed for Chapter 11 restructuring late on Tuesday, ending a 12-month period of negotiations with its backers.
The deal has the backing of 97% of its secured bank lenders, about 40% of its bondholders and a consortium of investors led by its largest shareholder, John Fredriksen’s Hemen Holding.
Seadrill said the agreement delivers $1.06bn of new capital comprised of $860m of secured notes and $200m of equity.
