Pacific Drilling to emerge from bankruptcy by year-end

Pacific Drilling to emerge from bankruptcy by year-end
Offshore drilling contractor Pacific Drilling expects to emerge from Chapter 11 bankruptcy by year-end following the confirmation of its prearranged plan of reorganization by the U.S. court.
Pacific Drilling filed for Chapter 11 bankruptcy to eliminate $1.1 billion of bond debt amid significant disruption in the offshore drilling market caused by the Covid-19 pandemic at the end of October 2020.
The impact of these market conditions on Pacific Drilling’s business has been direct and significantly negative, rendering its capital structure unsustainable over the long-term.
Only days after the Chapter 11 filing, the trading of Pacific Drilling common shares on the New York Stock Exchange (NYSE) was suspended and the drilling contractor was delisted.

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