Pacific Drilling S.A. said yesterday that it and certain of its domestic and international subsidiaries have filed for chapter 11 protection, according to a press release. The company intends to use the chapter 11 process to pursue a comprehensive restructuring of the company’s approximately $3.0 billion in principal amount of outstanding funded debt. With approximately $350 million of cash and cash equivalents as of September 30, 2017 and seven of the most advanced high-specification drillships in the world, the company intends to continue its world-wide operations as usual and to perform and pay all obligations incurred during its chapter 11 case in full, subject to court approval. Read more.
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