In February Seadrill had warned that Chapter 11 bankruptcy protection was a risk. "We currently believe that a comprehensive restructuring plan will require a substantial impairment or conversion of our bonds, as well as impairment, losses or substantial dilution for other stakeholders," Seadrill said in a statement on Tuesday. "Extending the deadline of the talks will allow additional time to negotiate with banks as well as potential new investors, the company said.Fredriksen, Seadrill's chairman and top owner with a 23.6 percent stake, is still involved in the restructuring talks, Chief Executive Per Wullf told Reuters. "I can't say anything more about that now. We're in the middle of negotiations," Wullf said.Seadrill is negotiating with more than 40 banks, including Norway's DNB, Sweden's Nordea and Denmark's Danske Bank, as well as with bondholders and several rig-building yards.

Source: The Star April 04, 2017 07:07 UTC