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A restructuring press release from Seadrill on Tuesday sent shares tumbling 29%. The press release said achieving viable restructuring would involve “significant dilution to current shareholders” and noted that the company needs a $1bn lifeline.
In this context, down shares 29% is about right. But significant dilution to shareholders in a restructuring deal to stay afloat might be the best case scenario, at least according to a confidential slide deck the company prepared for urgent meetings with investors in December.
There’s a lot more to this story…
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