LUXEMBOURG – Pacific Drilling S.A. and some of its domestic and international subsidiaries have filed petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York.
The company said that it intends to use the Chapter 11 process to pursue a comprehensive restructuring of its approximately $3.0 billion in principal amount of outstanding funded debt.
In addition, the company intends to continue its worldwide operations as usual and to perform and pay all obligations incurred during its Chapter 11 case in full, subject to court approval.
CEO Paul Reese said: “We enter Chapter 11 with a strong cash position and the dedicated team necessary to continue to deliver the highest quality service to our customers in the safest and most efficient manner.
“Throughout the Chapter 11 process, we anticipate using our strong cash position to meet all ongoing obligations to our employees, customers, vendors, suppliers, and others.”