John Fredriksen’s Seadrill has again warned investors it is preparing for a possible Chapter 11 filing as it looks to complete a major restructuring effort.
Seadrill’s guidance came as the driller secured breathing space on debt of almost $3bn and stretched a deadline for its restructuring efforts.
The company said in a statement that talks with banks and new investors are ongoing and that a restructuring plan would require substantial impairments or conversion of bonds, and lead to a substantial dilution of other stakeholders.
“As
