Seadrill shares headed into reverse this morning as uncertainty around its restructuring efforts overshadowed an otherwise positive fourth quarter report.
Seadrill says it will need to redraw loans to raise fresh equity, while new money providers are guiding that bond debt will need to be converted to equity.
While talks continue with stakeholders, Seadrill, which has debt of $14bn, says it will be challenging to meet an end of April deadline for an agreement to be finalized.
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