July 27, 2018 / 10:38 PM / in 10 months

Pacific Drilling opts for noteholders' path for bankruptcy exit

Pacific Drilling SA will file a plan for emerging from bankruptcy by Tuesday based on a framework proposed by a group of its noteholders, according to the retired judge overseeing mediation between the drillship operator and its stakeholders.

Retired U.S. Bankruptcy Judge James Peck in court papers filed on Thursday in U.S. Bankruptcy Court in New York said Pacific Drilling will file a restructuring plan on or before July 31 that adopts a structure proposed by its ad hoc group of debtholders.

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