Parker Drilling has completed its financial restructuring and emerged from Chapter 11 protection. According to the 8-K filing, Bank of America served as administrative agent and joint lead arranger and joint bookrunner along with Deutsche Bank on an initial $50 million revolver.
The U.S. Bankruptcy Court 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.
Parker Drilling voluntarily filed for Chapter 11 in order to facilitate its restructuring support agreement. Bank of America and Deutsche Bank agreed to provide $50 million in DIP financing to facilitate the restructuring.
Parker Drilling amended its secured credit agreement with its lenders and reduced its commitments to $100 million from $200 million.
Parker Drilling closed a senior secured $200 million revolver. The facility was arranged by Merrill Lynch and Wells Fargo Securities, who acted as joint lead arrangers and joint bookrunners.