A deal struck by Idan Ofer's holding company Quantum Pacific Group to restructure Pacific Drilling has taken a major step forward.
The Paul Reese-led company plans to put forward $700m in senior secured first lien notes due in 2023 in an offering exempt from SEC registration requirements.
The offer is part of a $1.5bn restructuring plan to take Pacific Drilling out of Chapter 11 bankruptcy, filed 31 August in US bankruptcy court for the southern district of New York.
