The United States Bankruptcy Court for the Southern District of Texas confirmed the amended joint Chapter 11 plan of reorganization of Parker Drilling and its debtor affiliates.

Alvarez & Marsal will serve as the company’s financial advisor during the bankruptcy process.

The plan calls for the issuance of equity and a new $210 million second-lien term loan due 2024 to holders of Parker’s funded debt and the injection of $95 million of new, fully-committed equity capital through a back-stopped rights offering. Current preferred equity holders and common equity holders will also receive equity and warrants for equity in the reorganized company. Holders of claims arising from non-funded debt general unsecured obligations will receive payment in full in cash.

“Confirmation of our plan is a key step towards putting Parker on the right path for a successful future with a stronger financial position,” said Gary Rich, Parker chairman, president and CEO. “We appreciate the overwhelming support of the plan by all voting stakeholder groups, which demonstrates their confidence in Parker’s disciplined strategy to build our enterprise by leveraging our global footprint and diverse suite of products and services.

“I also want to extend my sincere gratitude to Parker Drilling employees across the world, for their unwavering commitment to serving our customers with operational excellence and integrity during this process. I am excited as I look to the future at what we will be able to achieve as a stronger company.”

Parker expects to complete its restructuring and successfully emerge from Chapter 11 protection later this month.

Kirkland & Ellis will serve as legal advisor to Parker in connection with the restructuring, while Moelis & Company will serve as its investment banker.