Pacific Drilling files reorganisation plan

Pacific Drilling files reorganisation plan

Drillship owner Pacific Drilling has filed a plan of reorganisation as part of its chapter 11 proceedings.

The reorganisation plan is based on a proposal presented to the company by a group of secured creditors, and will see the company raise $1.5bn of new capital.

Existing noteholders will end up with a 30.9% share of the reorganised company, however holders of Pacific Drilling common stock will receive no recovery.

Pacific Drilling says the plan was developed via comprehensive mediation discussions between the company’s board and its stakeholders, and strengthen the company’s balance sheet by reducing its leverage and delivering a substantial amount of new capital.

Pacific Drilling filed for chapter 11 in the US Bankruptcy Court last November.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

Related Posts