Pacific Drilling exits Chapter 11 following successful restructuring

Rig company Pacific Drilling now says that it has exited its Chapter 11 process on the heels of a successful restructuring, lender approval of its plan and a final approval from a US bankruptcy court.

Photo: Daniella Beccaria/ Scanpix

Pacific Drilling has long been working on a restructuring of its finances due to excessive debt, a process that led the company to file for bankruptcy protection in the US. And now things seem to be looking up for the rig company.

In late December, ShippingWatch reported that the company said it had received positive feedback from its lenders and that it expected its plan to be approved by the US Bankruptcy Court in Texas by 2021.

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