September 19, 2018 / 12:01 AM / a month ago

Judge tells Pacific Drilling to rework fee on debt commitment

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

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