Pacific Drilling S.A. – Drillship Operator Files “Prearranged” Chapter 11 as COVID-19 and Saudi/Russian Price War Leaves Ships Idle; RSA with Noteholders to See $1.1bn of Debt Exchanged for Equity in Second Chapter 11 in Three Years
October 30, 2020 – Pacific Drilling S.A. and 18* affiliated Debtors (NYSE: PACD; “Pacific” or the “Debtors”) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Texas, lead case number 20-35212. The Debtors, an operator of seven drillships (with the lead Debtor organized under the laws of the Grand Duchy…