Norway's Seadrill, currently under US bankruptcy protection, proposes to have a large chunk of its bank debt removed.
The hard-pressed company has submitted a restructuring proposal to the bankruptcy court in Houston, writes Norwegian business daily Finansavisen. Seadrill proposes to have its bank debt reduced by around USD 4.8bn, and to continue operations with a debt of USD 750m. According to the newspaper, this corresponds to a debt reduction of 86.5 percent.
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