February 26, 2018 / 12:12 PM / 6 months ago

BRIEF-Seadrill says debt deal to be implemented "in the near future"

Feb 26 (Reuters) - Seadrill Ltd:

* SEADRILL ANNOUNCES GLOBAL SETTLEMENT IN CHAPTER 11 CASES

* ‍APPROXIMATELY 99% OF COMPANY’S BANK LENDERS BY PRINCIPAL AMOUNT HAD PREVIOUSLY SIGNED AND REMAIN PARTY TO AGREEMENT​

* ‍APPROXIMATELY 70% OF COMPANY’S BONDHOLDERS BY PRINCIPAL AMOUNT HAVE NOW SIGNED AN AGREEMENT TO SUPPORT COMPANY’S RESTRUCTURING​

* ‍SETTLEMENT IS A PIVOTAL MOMENT IN OUR EFFORTS TO IMPLEMENT A BROADLY-CONSENSUAL COMPREHENSIVE RESTRUCTURING PLAN​

* ‍WE NOW HAVE VIRTUALLY ALL OF OUR BANK LENDERS, A SUPERMAJORITY OF OUR BONDS, OFFICIAL CREDITORS’ COMMITTEE, NEWBUILD CONTRACT COUNTERPARTIES, AND OUR LARGEST SHAREHOLDER SUPPORTING OUR RESTRUCTURING​

* ‍WE LOOK FORWARD TO SUCCESSFUL IMPLEMENTATION OF TRANSACTION IN NEAR FUTURE​

* ‍SETTLEMENT ALSO INCLUDES AN AGREEMENT REGARDING AMOUNT AND TREATMENT OF CLAIMS OF SAMSUNG HEAVY INDUSTRIES CO., LTD. AND DAEWOO SHIPBUILDING & MARINE ENGINEERING CO.​

* ‍SETTLEMENT ADDS ADDITIONAL BONDHOLDERS AS COMMITMENT PARTIES TO COMPANY’S APPROXIMATELY $1 BILLION NEW CAPITAL RAISE AND ALSO SIGNIFICANTLY INCREASES PROPOSED DISTRIBUTIONS TO GENERAL UNSECURED CREDITORS UNDER PLAN​ Source text for Eikon: Further company coverage: (Reporting by Terje Solsvik)

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