March 22, 2018 / 11:55 PM / a year ago

Pacific Drilling wins more time for its Ch. 11, proposed mediator

Pacific Drilling SA won court approval on Thursday for more time to control its bankruptcy case and to enter into mediation with irate noteholders that will be overseen by the former bankruptcy judge it proposed for the work.

New York-based U.S. Bankruptcy Judge Michael Wiles said at a hearing he would give Pacific Drilling an additional 60 days for its exclusive period for filing a Chapter 11 bankruptcy plan. A lawyer for the company had asked for 75 days, while a lawyer for the noteholders proposed 45 days.

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