ShippingWatch

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/seattlepi.com/AP/Ritzau 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.

Read the whole article

Get 14 days free access.
No credit card required.

An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Employee at Bunker Holding subsidiary charged for alleged corruption

A trader at KPI Oceanconnect, a subsidiary of Bunker Holding, has been charged with alleged corruption totaling at least USD 191,250 as rewards for nominating Straits for the supply of bunker fuel to KPI's customers. The employee has been suspended and his contract terminated, the company informs ShippingWatch.

Freight rates for furniture eat up almost entire profit

The price of shipping a 40-foot container with assembled furniture from Asia to the US West Coast is currently so high that freight rates make up almost 100 percent of the furniture's retail value, according to Sea-Intelligence.

Wallem Group appoints new CEO

Wallem Group appoints interim CEO since January 2021 as the new chief executive officer of the ship management company.

Further reading

Related articles

Trial banner

Latest news

See all jobs