November 21, 2019 / 11:40 AM / 25 days ago

Seadrill in talks with banks to restructure debt -CEO

OSLO, Nov 21 (Reuters) - Seadrill has started discussions with its bank lenders on how to restructure the company’s debt, the drilling rig company’s Chief Executive Anton Dibowitz told Reuters on Thursday.

“We have had meetings with a large number of our banks individually on a proactive basis to discuss how we can together face the challenges the industry has with debt, and with debt that we specifically have,” he said in a telephone interview.

Seadrill, which emerged from U.S. Chapter 11 bankruptcy proceedings only 16 months ago, had debts and liabilities of $7.5 billion at the end of the third quarter, the company’s balance sheet showed. (Reporting by Nerijus Adomaitis, editing by Terje Solsvik)

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