Offshore

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
Photo: Daniella Beccaria/seattlepi.com/AP/Ritzau Scanpix
by IDHA TOFT VALEUR

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.

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