Seadrill says another bankruptcy is an option - WSJ

Seadrill says another bankruptcy is an option - WSJ

Seadrill (SDRL -8.2%) tells WSJ that Chapter 11 financial disaster is on the table, an afternoon after CFO Stuart Jackson said the downturn because of the coronavirus and the Saudi-Russian oil price had compelled the business enterprise to abandon what became an "interim solution" to its debt woes and recognition on a complete restructuring.

"We are considering all alternatives at this stage, of which Chapter 11 is one," a Seadrill spokesman says, adding the restructuring state of affairs remains fluid. "We expect this to take place over the coming year, however it's miles too early to mention for certain."

On yesterday's convention call, Jackson said the organization believes it has enough liquidity to control its commercial enterprise as well as the restructuring process.

"From an investment perspective, we've additionally written down the price of our Seadrill Partners maintaining to zero, as we count on this entity will pass into a comprehensive restructuring of its stability sheets in the coming future," Jackson stated.

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