Seadrill says another bankruptcy is an option - WSJ
Jun. 3, 2020 2:44 PM ET|About: Seadrill Limited (SDRL)|By: Carl Surran, SA News Editor
Seadrill (SDRL -8.2%) tells WSJ that Chapter 11 bankruptcy is on the table, a day after CFO Stuart Jackson said the downturn due to the coronavirus and the Saudi-Russian oil price had forced the company to abandon what was an "interim solution" to its debt woes and focus on a comprehensive restructuring.
"We are considering all options at this stage, of which Chapter 11 is one," a Seadrill spokesman says, adding the restructuring situation is still fluid. "We anticipate this to take place over the coming year, but it is too early to say for certain."
On yesterday's conference call, Jackson said the company believes it has sufficient liquidity to manage its business as well as the restructuring process.
"From an investment perspective, we've also written down the value of our Seadrill Partners holding to zero, as we expect this entity will move into a comprehensive restructuring of its balance sheets in the coming future," Jackson said.
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