August 29, 2018 / 9:38 PM / 3 months ago

Pacific Drilling seeks court approval of $500 mln deal to exit bankruptcy

(Reuters) -

Drillship operator Pacific Drilling SA is seeking court approval of an equity commitment agreement it calls the final piece of the “financing puzzle” it needs to solve to exit bankruptcy.

Under the agreement, outlined in a filing in U.S. Bankruptcy Court in New York on Tuesday, Pacific Drilling plans to raise $500 million from creditors and shareholders through a rights offering for new shares.

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