Diamond Offshore Drilling, Inc (NYSE:DO) Q1 2024 Earnings Call Transcript insidermonkey.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from insidermonkey.com Daily Mail and Mail on Sunday newspapers.
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
As part of its confirmed plan, Pacific Drilling will de-lever its balance sheet by eliminating over $1 billion of funded debt obligations.
Pacific Drilling S.A. (OTC: PACDQ) has announced that the United States Bankruptcy Court for the Southern District of Texas confirmed the First Amended Joint Plan of Reorganization of Pacific Drilling S.A. and its Debtor Affiliates Pursuant to Chapter 11 of the Bankruptcy Code.
The company’s chief executive officer, Bernie G. Wolford, said the court’s confirmation of Pacific Drilling’s plan represents an important milestone in the company’s 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
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
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.