Pacific Drilling Announces Successful Completion of Balance-Sheet Restructuring and Emergence from Chapter 11 Process LUXEMBOURG (Business Wire) Pacific Drilling S.A. (the “Company”) announced today that the Company and each of its debtor affiliates have emerged from the Chapter 11 process, signaling the successful completion of the Company’s balance-sheet restructuring and the implementation of the
Modified First Amended
Joint Plan of Reorganization of Pacific Drilling S.A. and its Debtor Affiliates Pursuant to Chapter 11 of the Bankruptcy Code (the “Plan”) confirmed by the United States Bankruptcy Court for the Southern District of Texas on December 21, 2020.
Pursuant to the Plan, all of the Company’s outstanding common shares were deemed to have no value and will receive no recovery. In accordance with the restructuring transactions contemplated by the Plan, upon emergence, the Company has a new parent company, Pacific Drilling Company LLC, a Cayman Islands limi
Pacific Drilling S.A.: Pacific Drilling Announces Confirmation of Prearranged Plan of Reorganization; Expected Emergence from Chapter 11 by Year-End
First Amended
Joint Plan of Reorganization of Pacific Drilling S.A. and its Debtor Affiliates Pursuant to Chapter 11 of the Bankruptcy Code (the Plan ) on December 21, 2020. The Court s confirmation of our Plan represents an important milestone in our progress towards emergence by year-end with a fully de-levered balance sheet and the capacity to deliver world class drilling services with our fleet of 6
th and 7
th generation drillships, said Bernie G. Wolford, Chief Executive Officer of the Company.
In accordance with the confirmed Plan, the Company will de-lever its balance sheet by eliminating over $1 billion of funded debt obligations and have access to additional liquidity to operate going forward with approximately $100 million in cash on hand at emergence and an undrawn $80 million senior secured delayed draw term loan
Amify Adds Three C-Level Executives to Expand End-to-End Services for Brands Selling on Amazon
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Pacific Drilling Announces Final Voting Results Indicating Overwhelming Acceptance of its Prearranged Plan of Reorganization acrofan.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from acrofan.com Daily Mail and Mail on Sunday newspapers.
Pacific Drilling S.A.: Pacific Drilling Announces Final Voting Results Indicating Overwhelming Acceptance of its Prearranged Plan of Reorganization
First Amended
Joint Plan of Reorganization of Pacific Drilling S.A. and its Debtor Affiliates Pursuant to Chapter 11 of the Bankruptcy Code (the Plan ). The voting results indicate overwhelming acceptance of the Plan by the two classes entitled to vote on the Plan. The Company has received votes in favor of the Plan from (a) 97.87% in number of the holders of Class 3 First Lien Notes Claims that voted and 99.98% in amount of Class 3 First Lien Notes Claims that voted and (b) 100% in number and amount of the Holders of Class 4 Second Lien Notes Claims that voted. Based on the voting results, the Company believes that it remains on track for Plan confirmation at or shortly following the Plan confirmation hearing currently scheduled for December 21, 2020 in the United States Bankruptcy Court for the Southern District of Texas (the Bankru