Seadrill gets a one-month breather from creditors

first_imgSince the start of talks a few months back, Seadrill has been saying the final solution might lead to significant losses for the existing shareholders and may include chapter 11 proceedings.The company has reiterated the stance saying:”As previously disclosed, we continue to believe that implementation of a comprehensive restructuring plan will likely involve chapter 11 proceedings, and we are preparing accordingly. The extension provides additional time to finalise negotiations and prepare for the necessary potential implementation filings.“It is likely that the comprehensive restructuring plan will require a substantial impairment or conversion of our bonds, as well as impairment and losses for other stakeholders, including shipyards. As a result, the company currently expects that shareholders are likely to receive minimal recovery for their existing shares,” Seadrill said.According to Seadrill’s latest rig fleet status update, the driller, along with its subsidiaries, had no less than 14 offshore rigs listed as under construction in yards in Korea and China.The driller has been in talks with the yards regarding reaching agreements to defer the rig deliveries further into the future, waiting for the better times in the offshore oil and gas drilling market, which has been hit by the lack of demand caused by the low oil prices, coupled with an oversupply of the rigs in the market.Apart from the latest announced debt maturity delays, Seadrill said it was in advanced discussions with certain third party and related party investors and its secured lenders on the terms of a comprehensive recapitalization, which remain subject to further negotiation, final due diligence, documentation and requisite approvals.Seadrill’s share price fell from a high of 289 Norwegian crowns in September 2013, to the low point of 2,86 crowns in mid-July 2017. The price was 3.4 NOK as of Wednesday morning.Offshore Energy Today Staff Seadrill, a cash-strapped offshore driller, has been given some breathing space in an effort to restructure its reported $14 billion debt.The company, which has been in talks with creditors for months, on Wednesday said it had reached an agreement with its bank group to extend the comprehensive restructuring plan negotiating period until September 12, 2017.Furthermore, Seadrill received lender consent to extend the maturity date under the US$400 million credit facility from 31 August 2017 until September 14, 2017.Seadrill said that in relation to the West Eminence loan facility, the company has received the support of lenders representing 84% of the exposure under the US$450 million creditfacility maturing on 15 August 2017 to extend the maturity date to September 14, 2017.The company, which had expected to close the restructuring talks by April 2017, has now said it expects that a scheme of arrangement under section 99 of the Companies Act 1981 of Bermuda, which requires a majority in number of the lenders representing 75% in value, will be used to implement the extension of the US$450m Facility if an acceptable maturity extension agreement is not reached.No joy for existing shareholderslast_img read more

Record Entries Trail 39th CBN T’tennis Tourney

first_imgAll the registered players were on hand as the qualifying round matches got underway after three hours of delay due to the heavy down pour.Men’s singles number two seed, Emmanuel Sylvester, is already eyeing the top spot following the absence of the defending champion, Michael Moses who is currently in America.Another noticeable absentee is the ladies singles champion, Russia-based Ifidzhen Melissa, who is presently in school writing examination.The acting Director, Corporate Communications Department of the Central Bank of Nigeria (CBN), Mr. Isaac Okoroafor, disclosed Thursday that N11,248,000 has since been set aside as prize money for winners in both men and women categories as well as the wheelchair division.He added that winners of both the men and women singles categories will smile home with N700,000 each while the runners up in both categories will get N500,000.00 each.There will be action in the men’s singles round of 64 with four wild cards already given. Two wild cards have also been given in the women’s singles round of 32.Okoroafor stressed that CBN’s continuous sponsorship of the senior tennis is in line with the central bank’s resolve to continue to promote and develop the game of tennis in the country just as they are doing with the CBN Junior tennis.Secretary-General of the Nigeria Tennis Federation (NTF), Mariam Akande, has pleaded with the players to ensure that they observe the general rules of the game, knowing that the CBN is the biggest tennis tournament in the country. The event runs from May 25 through June 3, 2017.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram Femi SolajaIn spite of the early morning shower in Lagos Thursday, there were over 350 players who registered as the qualifying matches of the 39th edition of the annual Central Bank of Nigeria Senior Tennis Tournament served off at the tennis courts of the National Stadium in Lagos.last_img read more