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Seadrill New Finance Limited - Non-Payment of Cash Interest

Source: www.gulfoilandgas.com 1/15/2021, Location: Europe

Seadrill New Finance Limited (SDRL) (SDRLF), 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

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