September 13, 2017 / 7:24 AM / 10 months ago

UPDATE 1-Sevan Drilling: No recovery for current shareholders under chapter 11 cases

(Adds more details)

Sept 13 (Reuters) - Sevan Drilling Ltd:

* Announces comprehensive restructuring plan to be implemented with prearranged chapter 11 cases

* Sevan Drilling Limited, a majority owned subsidiary of Seadrill Limited (“Seadrill” and, together with Sevan and Seadrill’s other consolidated subsidiaries, the “Group”), announces today that it has entered into a restructuring agreement with more than 97 percent of the Group’s secured bank lenders, approximately 40 percent of the Group’s bondholders and a consortium of investors, led by Seadrill’s largest shareholder, Hemen Holding Ltd

* The agreed plan comprehensively addresses the Group’s liabilities, including funded debt and other obligations

* Holders of Sevan common stock will receive no recovery Source text for Eikon: Further company coverage: (Reporting By Ole Petter Skonnord)

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