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Pacific Drilling Bankruptcy Mediation Sought

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Citibank (“RDF Agent”) filed with the U.S. Bankruptcy Court a motion for mediation, pursuant to Local Bankruptcy Rule 9019-1 and General Order M-452; ordering mediation and appointing mediator in the Pacific Drilling case.

The motion explains, “The RCF Agent is concerned, particularly in light of the recent substitution of lead counsel to the Debtors, that, absent mediation, these chapter 11 cases will not stay on the timetable that was suggested by the Debtors at the first-day hearing.”

In addition, “Accordingly, the RCF Agent requests that the Court enter an order: (a) requiring (i) the Debtors, (ii) the Debtors’ controlling shareholder, Quantum Pacific Group, (iii) the unaffiliated holders (the ‘Ad Hoc Group’) of the 7.250% senior secured notes due 2017, 5.375% senior secured notes due 2020, and/or the $750 million senior secured term loan, (iv) the RCF Secured Parties, and (v) Wilmington Trust, National Association, in its capacity as administrative agent (the ‘SSCF Agent’) under that certain Senior Secured Credit Facility Agreement, dated as of February 19, 2013, among Pacific SharavS.àr.l. and Pacific Drilling VII Limited, as borrowers, Pacific Drilling S.A., as guarantor (the ‘SSCF Agreement’), the banks and financial institutions party thereto, as lenders (the ‘SSCF Lenders’), the arranger and book runner parties thereto, Garanti-Instituttet for Eksportkreditt (collectively, the ‘Proposed Mediation Participants’) to participate in a mediation process on a schedule to be determined in accordance with the procedures set forth in the proposed order; and (b) appointing a sitting bankruptcy judge from the United States Bankruptcy Court from this District as mediator to oversee the negotiation of a consensual chapter 11 plan of reorganization in these cases.”

The Court scheduled a February 14, 2018 hearing to consider the motion, with objections due by February 7, 2018.

Read more Pacific Drilling bankruptcy news.

The post Pacific Drilling Bankruptcy Mediation Sought appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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