March 10, 2018 / 1:55 AM / 10 months ago

Seadrill says it needs interest rate caps for restructuring plan

Bankrupt offshore drilling contractor Seadrill Ltd is seeking court approval to spend up to $75 million to cap interest rates on bank loans, saying that undoing floating rates is critical to its recently released restructuring plan.

“Obtaining the proper interest rate protection is a key component of successful implementation of the plan, given that the debtors have nearly $6 billion of secured debt that is subject to interest rate fluctuations,” Seadrill said in court papers filed on Thursday.

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