August 21, 2018 / 11:51 PM / a month ago

Pacific Drilling sees Ch. 11 exit soon after deal with majority shareholder

Drillship operator Pacific Drilling SA said in a statement on Monday it expects to exit bankruptcy soon after reaching a deal with controlling shareholder Quantum Pacific Group to back its reorganization plan.

Quantum Pacific owns about 70 percent of Pacific Drilling’s shares, a stake that would be wiped out under the reorganization plan Pacific Drilling unveiled late last month. But the company said its deal with Quantum Pacific will allow the latter to get a new stake in a mix of debt and equity.

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