Struggling offshore drilling contractor Seadrill said today that its lender had agreed to extend the negotiating period for its restructuring plan until September 12.
The bank has also pushed the maturity date for $400million credit facility back from August 31 to September 14.
Seadrill is in advanced talks with investors and secured lenders over a comprehensive recapitalisation.
The plans will likely involve chapter 11 proceedings.
The company expects shareholders to receive minimal recovery for their existing shares.