LUXEMBOURG–(BUSINESS WIRE)–Pacific Drilling S.A. (OTCPink: PACDF) today announced that, with the
aim to optimize its capital structure pending recovery in the floating
rig drilling industry, it and certain 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 intends to use the
Chapter 11 process to pursue a comprehensive restructuring of the
Companys approximately $3.0 billion in principal amount of outstanding
funded debt.
With approximately $350 million of cash and cash equiva…
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