UPDATE: Fredriksen Said Willing to Lend as Much as $1.2B to Seadrill Ltd. (SDRL) - Bloomberg

October 4, 2016 7:24 AM EDT

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(Updated - October 4, 2016 7:30 AM EDT)

John Fredriksen, Seadrill's (NYSE: SDRL) Chairman and largest shareholder, is willing to lend it as much as $1.2 billion as part of a potential deal with banks and bondholders to restructure its debt, according to Bloomberg, citing two people familiar with the matter. The plan would imply postponement of all bank maturities to a least 2020, the report said.

Shares of Seadrill are poised to open higher by 35% following the report.

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