An unofficial committee of Seadrill’s unsecured bondholders has submitted a binding alternative proposal for the company’s restructuring, Reuters reported. Norwegian-born billionaire John Fredriksen and a group of hedge funds proposed on Sept. 12 to invest $1.06 billion via new equity and secured debt to restructure indebted Seadrill, once the largest drilling rig operator by market value. Yesterday was the deadline to submit binding proposals to Seadrill, which has been seeking the best available deal as part of its chapter 11 bankruptcy procedure. The unofficial committee includes about 40 investors from the U.S., Europe and Asia, and funds managed by Nordic asset manager DNB Asset Management, Nine Masts Capital Ltd of Hong Kong, and U.S. hedge funds such as Phoenix Investment Adviser LLC.
