Its secured lending bonds have agreed to defer maturities of all secured credit facilities amounting to US$5.7 billion by five years, with no amortisation payments until 2020 and significant covenant relief.
SINGAPORE (Sept 14): CIMB Research is maintaining its “neutral” call on the local offshore & marine (O&M) sector after Seadrill filed for Chapter 11 restructuring in the US.
To recap, the restructuring agreement delivers US$1.06 billion ($1.4 billion) of new capital, and is with more than 97% of the offshore driller’s secured bank lenders.
