Pacific Drilling Enters Ch. 11 Citing Industry Slump

Law360, New York (November 13, 2017, 3:11 PM EST) -- Pacific Drilling SA on Sunday became the latest company in the offshore oil industry to seek bankruptcy protection, saying it needs to restructure approximately $3 billion in debt to ride out the sector’s current troubles.

After two straight quarters of losses, the Luxembourg-based offshore oil driller said it determined a U.S. Chapter 11 was the best way to restructure its debts “pending recovery of the floating rig drilling industry.”

“We enter Chapter 11 with a strong cash position and the dedicated team necessary to continue to...
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