Pacific Drilling proposes new restructuring plan
Drilling company submits improved scheme to straighten out finances under Chapter 11 after receiving four extensions for creditor mediation.
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.
It also features minimum third-party QP Group direct investment of $145m versus $200m in the consensual plan, and $120m instead of $450m in the toggle plan.
The Luxembourg-based driller has been in mediation with secured creditors and major shareholders since March and the bankruptcy court had extended discussions until 13 July.
Talks had been previously prolonged to 4, 15 and then 22 June.
