Seadrill hires Houlihan and Morgan Stanley as advisors in debt talks

Seadrill Ltd. has hired Houlihan Lokey Inc. and Morgan Stanley to advise the company in negotiations on restructuring $11 billion of loans and bonds, according to Bloomberg.

Bank lenders to the company formed a committee this month to lead the talks and appointed advisor Lazard Ltd. and law firm White & Case. Bloomberg notes that Seadrill has $2.6 billion of unsecured bonds and $8.4 billion of bank facilities, and that almost $3.5 billion of debt is due by the end of next year.

The restructuring may include a debt-for-equity swap. According to Bloomberg, analysts say the plan may involve the issue of at least $1 billion in new equity.

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