Seadrill to launch Chapter 11 Restructuring by Sept 12
Offshore drilling contractor Seadrill plans to launch a long-awaited Chapter 11 debt restructuring by Sept. 12, and aims to raise $1 billion in new capital, it said on Thursday. Once the biggest offshore rig firm by market value and the crown jewel of Norwegian billionaire John Fredriksen's business empire…
Det Norske Funding Update
Subject to closing of the BP Norge transaction, the company has made certain changes to its two bank facilities, including an increase in its reserve-based lending (“RBL”) facility from USD 3.0 to 4.0 billion and certain amendments to the documentation. In addition…
Fitch Places Noble Group on Watch for Downgrade
Fitch Ratings has placed commodities trade house Noble Group on watch for a potential downgrade, which would take the company's credit rating to junk status. Fellow ratings agencies Standard and Poor's and Moody's have both cut their ratings for Noble to junk status in recent months.
Songa Restructures as Statoil Shortens Contracts
Norwegian rig firm Songa Offshore will issue new debt and shares worth up to $150 million and convert existing bonds of the same amount to equity as part of a plan to fix a liquidity shortfall, the company said in a statement on Tuesday. Songa's top customer, oil major Statoil…
