John Fredriksen’s Seadrill has won approval from creditors and shareholders to push ahead with its Chapter 11 restructuring.
“The voting results demonstrate the broad-based support by creditors and shareholders of the Company’s reorganization transaction, which provides more than $1.08 billion of new capital, defers all secured credit facilities’ maturities by approximately five years, and provides significant covenant relief,” Seadrill stated in a release.
Fredriksen, whose career in shipping dates back some 50 years, has commented in the past that the restructuring of Seadrill has been the most complex financial move he has encountered.
