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Pacific Drilling Extension Sought

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Pacific Drilling filed with the U.S. Bankruptcy Court a motion to extend exclusivity period during which the Company can file a Chapter 11 Plan and Disclosure Statement and solicit acceptances thereof, through and including July 10, 2018 and September 10, 2018.

The extension motion explains, “This is the Debtors’ first request to extend exclusivity….The Debtors intend to use the requested 120-day extension to engage with the Secured Creditor Parties and their majority shareholder, QP, regarding a consensual chapter 11 plan. The Debtors are developing a current business plan that reflects the best input available for the present market outlook for the Debtors’ industry and their business. Several times and with different creditor constituencies, the importance of an up-to-date business plan that takes into account significant recent changes in oil prices and expectations for their evolution has been emphasized as the lynchpin for more substantive discussions. Now that the Debtors are operating in a chapter 11 context, negotiations require that the current outlook for the Debtors’ industry and their specific business be carefully formalized in a business plan that is informed by, and has been vetted with, recognized industry specialists with expertise in developing outlooks for the Debtors’ commodity-driven industry, and by bankruptcy specialists who are respected by the creditors….The Debtors’ goal is a consensual – not a litigious – negotiation concerning their restructuring. For that to happen in an orderly way, they seek the requested extension to allow time for those negotiations to result in what is hopefully a consensual chapter 11 plan. As the Debtors stated at the February 20, 2018 hearing to consider the secured lenders’ mediation motions, they are committed to reaching a deal. The requested extension is required to get there.” The Court scheduled a March 21, 2018 hearing to consider the extension motion with objections due by March 14, 2018.

Read more Pacific Drilling bankruptcy news.

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