Offshore driller Pacific Drilling has emerged from chapter 11 having completed a balance-sheet restructuring and the implementation of its plan of reorganisation.
All of Pacific Drilling’s outstanding common shares were deemed to have no value and will receive no recovery, and the company will now have a new parent company, Pacific Drilling Company.
“We are pleased to reach completion of this process. Having now emerged from Chapter 11 with a fully de-levered balance sheet, we are well positioned to continue to deliver world class drilling services with our fleet of 6th and 7th generation drillships,” said Bernie Wolford, CEO of Pacific Drilling.
The reorganised company has eliminated more than $1bn of funded debt obligations and has around $100m in cash on hand.
Pacific Drilling, which owns a fleet of seven drillship, filed for chapter 11 in November 2020.