The judge overseeing the bankruptcy of drillship operator Pacific Drilling SA declined on Tuesday to approve a fee payable to debt holders for committing to join a $1 billion rights offering to help finance the company’s reorganization.
Judge Michael Wiles of the U.S. Bankruptcy Court in New York said the fee, which would be equal to 8 percent of the notes issued, seemed too expensive a way to get some existing debt holders to guarantee to buy any second-lien notes not initially purchased in a planned offering.
To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2NQBhPK
