NADL - Amendments to Secured Credit Facilities
(Thomson Reuters ONE) -
Hamilton, Bermuda, April 4, 2017 - North Atlantic Drilling Limited ("NADL or the
Company") a majority owned subsidiary of Seadrill Limited, announces today that
Seadrill Limited, on behalf of NADL and other relevant companies, and its
banking group have agreed to extend a series of key dates as part of Seadrill
Limited's ongoing restructuring efforts.
Seadrill Limited has reached an agreement to extend the milestone to implement a
restructuring plan from 30 April to 31 July 2017 and also to extend the related
covenant amendments and waivers expiring on 30 June 2017 to 30 September 2017.
Finally, the Company has also received lender consent to extend the US$2.0
billion NADL credit facility maturing on 30 June 2017 until 14 September 2017.
These amendments are part of a broader package of measures Seadrill Limited, our
major shareholder, is undertaking to refinance and recapitalize the business.
While no definitive terms have been reached, based on feedback from Seadrill
Limited, as well as the Company's existing leverage, 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. As a result, the Company currently expects that
shareholders are likely to receive minimal recovery for their existing shares.
The Company expects the implementation of a comprehensive restructuring plan
will likely involve schemes of arrangement or chapter 11 proceedings and is
preparing accordingly. The Company's business operations remain unaffected by
these restructuring efforts and the Company will continue to meet its ongoing
customer and business counterparty obligations.
FORWARD LOOKING STATEMENTS
This news release includes forward looking statements. Such statements are
generally not historical in nature, and specifically include statements about
the Company's plans, strategies, business prospects, changes and trends in its
business and the markets in which it operates. These statements are made based
upon management's current plans, expectations, assumptions and beliefs
concerning future events impacting the Company and therefore involve a number of
risks, uncertainties and assumptions that could cause actual results to differ
materially from those expressed or implied in the forward-looking statements,
which speak only as of the date of this news release. Consequently, no forward-
looking statement can be guaranteed. When considering these forward-looking
statements, you should keep in mind the risks described from time to time in the
Company's filings with the Securities and Exchange Commission, including its
Annual Report on Form 20-F (File No. 001-34667). The Company undertakes no
obligation to update any forward looking statements to reflect events or
circumstances after the date on which such statement is made or to reflect the
occurrence of unanticipated events. New factors emerge from time to time, and it
is not possible for the Company to predict all of these factors. Further, the
Company cannot assess the impact of each such factor on its business or the
extent to which any factor, or combination of factors, may cause actual results
to be materially different from those contained in any forward looking
statement.
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: North Atlantic Drilling Ltd. via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 04.04.2017 - 07:16 Uhr
Sprache: Deutsch
News-ID 534157
Anzahl Zeichen: 4118
contact information:
Town:
Stavanger
Kategorie:
Business News
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