Pacific Drilling and certain of its subsidiaries filed voluntary petitions for relief under Chapter 11. Greenhill & Co. is acting as financial advisor, Latham & Watkins and Jones Walker are acting as legal counsel and AlixPartners is acting as restructuring advisor.
Pacific Drilling has entered into a $50 million first lien superpriority revolving credit agreement with Angelo, Gordon Energy Servicer as administrative agent.
Pacific Drilling has made progress in connection with its Chapter 11 proceedings, including receiving a commitment from Credit Suisse Securities to support a $1.5 billion recapitalization of the company’s capital structure.
Pacific Drilling signed a $500 million revolver. Citigroup Global Markets, Standard Chartered Bank, DNB Markets and Nordea Bank Finland, London Branch acted as joint lead arrangers.