A proposal by Seadrill to restructure its debt could wipe out all but a small fraction of John Fredriksen's stake in the drillship and rig owner.
The New York-listed company has proposed a new plan that would reduce bank debt from $5.6bn to $750m. In turn, the creditors would get a 99% stake in Seadrill.
The 85% debt haircut was revealed in a restructuring proposal filed with a US bankruptcy court in Houston as part of the company's Chapter 11 proceedings.
