Owners of unsecured bonds in oil-rig company Seadrill have posted a cash deposit to back alternative financial restructuring, paving the way for talks with the drilling operator over its future, the two sides said on Monday, Reuters reports.
--Seadrill, once the largest drilling-rig operator by market value, filed for bankruptcy protection in a U.S. court in September after being hit by cutbacks in oil investment, following a steep drop in crude prices, according to Reuters. Its bankruptcy hearing has now been postponed to Feb. 1.
--A bondholder familiar with the rival scheme said the cash deposit amounted to almost $100 million and that postponement of the hearing could open a window for discussions, Reuters reports. A Seadrill spokesman added that the company was looking forward to talks.
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(END) Dow Jones Newswires
January 08, 2018 08:26 ET (13:26 GMT)