Seadrill New Finance Limited, a company incorporated in Bermuda in 2018 and issuer of the 12.0% senior secured notes due 2025 (the “Notes”), has determined not to make the semi-annual 4% cash interest payment due to the senior secured noteholders on 15 January 2021 in respect of their Notes issued pursuant to the terms of the notes indenture dated 2 July 2018. The payment-in-kind (PIK) interest payment is being made in the ordinary course.
Discussions continue between Seadrill Limited and its creditors and/or their advisers to finalise negotiations on the head terms of a comprehensive restructuring of its balance sheet. Such a restructuring may involve the use of a court-supervised process.
Source: Seadrill
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