Seadrill fights the clock to avoid receivership

John Fredriksen's efforts to land a refinancing deal for Seadrill continues, and there is no guarantee that an acceptable arrangement can be settled in time, according to the driller's annual report 2016. A possible consequence could be Chapter 11, says the company.

John Fredriksen's attempts to ensure a future for the prize asset in his empire, one of the world largest drilling companies, Seadrill, face more challenges than the company had anticipated. In the annual report for 2016, Seadrill talks openly about the risk of impending Chapter 11 proceedings, if the company is unable to settle a satisfactory deal with its creditors.

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