Fredriksen Said to Be Willing to Lend Seadrill $1.2 Billion
- Billionaire owner’s loan would be part of debt restructuring
- Solution may include postponing bank maturities to beyond 2020
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Seadrill Ltd.’s billionaire chairman and largest shareholder, John Fredriksen, is willing to lend the rig company as much as $1.2 billion as part of a potential deal with banks and bondholders to restructure the biggest debt load in the offshore-drilling industry, two people familiar with the matter said. The company’s shares surged.
The loan of $800 million to $1.2 billion features in a proposal by a working group of fewer than 10 banks, said the people, who asked not to be identified because the talks were private. The plan would imply a postponement of all bank maturities to at least 2020, helping the lenders avoid outright losses, the people said.