Seadrill +67% so far this week as bondholders show interest
Seadrill (SDRL +6.8%) surges for a third straight session to bring its gain close to 70% for the week, following recent news that two groups have shown interest in potentially making offers that would rival a debt-cutting plan put forward by its major shareholder.
A proposal from a group holding ~25% of SDRL’s bonds and another plan from a bond investor have surfaced while the company has been soliciting restructuring offers.
Seeking Alpha contributor Vladimir Zernov believes SDRL's recent move is "purely technical" sparked by bondholders' activity and higher oil prices after a period of flat trading, but says nothing has changed in the company's fundamentals.