SDRL - Amendments to Secured Credit Facilities
(Thomson Reuters ONE) -
Hamilton, Bermuda, July 26, 2017, Seadrill Limited ("SDRL" or "the Company")
announces today that it has reached an agreement with its bank group to extend
the comprehensive restructuring plan negotiating period until 12 September 2017.
The Company has also received lender consent to extend the maturity date under
the US$400 million credit facility from 31 August 2017 until 14 September 2017.
The extension will become effective upon satisfaction or waiver of customary
conditions precedent.
In relation to the West Eminence facility, the Company has received the support
of lenders representing 84% of the exposure under the US$450 million credit
facility maturing on 15 August 2017 (the "US$450m Facility") to extend the
maturity date under the US$450m Facility to 14 September 2017. The Company
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.
The Company is 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.
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.
The Company's business operations remain unaffected by these restructuring
efforts and the Company expects to 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 information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
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: Seadrill Limited via GlobeNewswire
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" alt="Avino Announces Q2 Production ResultsDatum: 26.07.2017 - 07:03 Uhr
Sprache: Deutsch
News-ID 553874
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contact information:
Town:
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Kategorie:
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