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The company controlled by John Fredriksen writes that she has no longer protection against bankruptcy since last September after completing the restructuring provided by the scheme.
– We are happy that we have not been placed under the protection of the bankruptcy law. continues with a solid financial base that we will use to continue to grow and strengthen our business, "said Chairman John Fredriksen in the announcement of the stock market.
Seadrill writes that they received an listing on the New York Stock Exchange under the symbol SDRL. The company also aims to be featured on Oslo Børs.
The company will have 100 million new shares outstanding at listing and trading that will open next Tuesday.
- The Seadrill oil rig company filed an application for bankruptcy protection in Houston on September 12, 2017. Now, the company's restructuring plan has been approved by the Bankruptcy Court in Houston, Texas. Texas.
- The plan implies that more than 40 banks, which have mortgages for their loans, expire a total of $ 5.7 billion. In addition, $ 2.3 billion of bond debt is converted, but not guaranteed, into a minority interest in the company.
- As a result of this plan, the Company will now receive a new loan of $ 880 million and equity of $ 200 million. John Fredriksen's indirect stake in the new company will be just under 30%.
- An obligation is a promise to repay a certain amount on a given date. The issuance of bonds is a way to borrow money. Bonds are freely tradable in the secondary market and their market value will reflect the risk of default.
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Brought to the bailout
In early 2015, Seadrill began refinancing the business. The fall in the price of oil in the fall of 2014 has led oil companies to stunt exploration budgets and to send platforms in numbers. Platforms have grown from more than $ 600,000 for modern floats to $ 200,000 a day
For Seadrill, controlled by Fredriksen, it was becoming difficult to refinance with its banks and creditors. September 12 last year, the company filed for bankruptcy under US Chapter 11 rules in Houston, Texas
The Federal Bankruptcy Court in Houston, Texas, decided in April that the plan to rescue could be implemented.
Seadrill will release its first quarterly report after the restructuring in the third quarter of this year.
New Council
The bailout means that Seadrill bills billions of dollars in debt and receives $ 1 billion in new money.
The new plan implies that Fredriksen, who is one of the most serious players, now holds 30% of the shares through the Hemen company.
Four out of seven members are reported by Hemen. John Fredriken becomes president and will represent Hemen directly with Harald Thorstein.
In addition to President John Fredriksen, the new Seadrill board consists of Harald Thorstein, who, along with Fredriksen, will represent Hemen directly under the control of Fredriksen.
The man of Stavanger Kjell-Erik Østdahl is considered an independent board member with Birgitte Vartdal, the boss of Golden Ocean.
The other three members of the jury become Scott D. Vogel, Peter J. Sharpe and Eugene I. Davis. (Terms)
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