August 1, 2018 / 8:48 PM / 4 months ago

Pacific Drilling says plan for bankruptcy exit raises $1.5 billion

Drillship operator Pacific Drilling SA said on Wednesday it has filed a plan of reorganization in its Chapter 11 proceedings based on a framework proposed by an ad hoc group of its secured creditors.

The company expects to raise $1.5 billion and have more than $400 million in cash when it emerges from bankruptcy to seize opportunities as the outlook for offshore energy services improves.

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