Pacific Drilling S.A. (OTC: PACDQ) announced today that the United States Bankruptcy Court for the Southern District of Texas confirmed the First AmendedJoint 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 6th and 7th 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 exit facility.
Advisors
Greenhill & Co. is acting as financial advisor, Latham & Watkins LLP and Jones Walker LLP are serving as legal counsel, and AlixPartners is acting as restructuring advisor to the Company in connection with the restructuring. Houlihan Lokey is acting as financial advisor and Akin Gump Strauss Hauer & Feld LLP is acting as legal advisor to an ad hoc group of noteholders.
