Idan Ofer's Pacific Drilling has submitted a new restructuring plan after delaying talks with credit mediators a fourth time.
The updated scheme offers a two-pronged approach for a consensual plan if the ad hoc group supports it or "toggle" plan that can be implemented over ad hoc group rejection.
The ad hoc group plan includes new equity commitments of $500m under the consensual plan or of $1bn under the "toggle" plan.
