Offshore staff
LUXEMBOURG – Pacific Drilling S.A. and certain of its affiliated Chapter 11 debtors have emerged from bankruptcy after completing restructuring transactions pursuant to its Chapter 11 plan of reorganization.
In connection with emergence from bankruptcy, the company raised $1.5 billion in gross proceeds in new capital, consisting of $1.0 billion of new secured notes and $500 million of equity.
Pursuant to the plan, the company equitized approximately $1.85 billion in pre-petition debt associated with the company’s Term Loan B, 2017 Notes and 2020 Notes, and paid in full approximately $1.2 billion of debt related to its pre-petition senior secured credit facility, revolving credit facility and the post-petition debtor-in-possession financing. Customer, employee and ordinary trade claims were unimpaired.
In addition, a newly constituted board of directors of the company was appointed, consisting of W. Matt Ralls (chairman), Bernie G. Wolford Jr. and David Weinstein as Class A Directors and Daniel Han, Donald Platner and Kiran Ramineni as Class B Directors.
Also, Bernie G. Wolford Jr. has been appointed CEO of the company, effective immediately. He succeeds Paul T. Reese, who served as CEO since August 2017.
11/22/2018
