July 23, 2018 / 9:47 PM / in 8 months

Pacific Drilling lenders say they have restructuring plan ready

A group of lenders to Pacific Drilling SA on Monday said there is no need for the bankrupt drillship operator to get more time to work on restructuring its finances, arguing in court papers they have a plan for that ready to go.

Pacific Drilling’s ad hoc group of revolving credit facility lenders, who hold the majority of the facility’s $500 million in debt, said in a filing in U.S. Bankruptcy Court in New York that its plan “provides a clear and unimpeded path to confirmation and prompt exit from Chapter 11” and there is no need for a court order extending the so-called exclusive period for filing a plan as the company wants.

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