John Fredriksen’s offshore drilling firm Seadrill has put forward a plan to write-off just over $4.8bn of debt, according to Norwegian business daily Finansavisen.
The proposal, recently sent to the US bankruptcy court in Texas, would see Seadrill’s lenders take over 99% of the company and leave current shareholders with the remaining 1%.
In February this year, Seadrill filed for Chapter 11 bankruptcy protection in the United States, the second time in four years.
According to reports, the company could emerge from bankruptcy by September with $750m in total debt and $300m cash on hand.
