Drilling rig firm Seadrill confirmed on Wednesday that it had received two rival bids for its debt restructuring from unsecured bondholders, Reuters reported. The company, which filed for chapter 11 restructuring in a U.S. court on Sept. 12, has sought alternative proposals for the plan put forward by its main owner, Norwegian-born billionaire John Fredriksen and a group of hedge funds. Fredriksen and the group of hedge funds have proposed to invest $1.06 billion via new equity and secured debt to restructure indebted Seadrill, once the largest drilling rig operator by market value. Seadrill declined to provide more details on the bids or the bidders, but said its evaluation was pending “the receipt of a satisfactory deposit from bidders.”
