
Pacific Drilling S.A.
Case No. 20-35212
Case Background
On October 30, 2020, Pacific Drilling S.A. (“PDSA”), a public limited liability company (société anonyme) organized under the laws of the Grand Duchy of Luxembourg registered with the Luxembourg register of commerce and companies under registration number B159658, having its registered office at 8-10 Avenue de la Gare, L-1610, Luxembourg, and certain of its U.S. and foreign direct and indirect wholly-owned subsidiaries (collectively, the “Company”) filed voluntary petitions for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division. Concurrently with the Company’s commencement of its U.S. Chapter 11 Cases, Debtor Pacific Drilling Company Limited (“PDCL”) also authorized and commenced a parallel insolvency proceeding in the Cayman Islands to effectuate and gain recognition of the Company’s restructuring in the Cayman Islands.
The Company has entered into a Restructuring Support Agreement with its key creditors outlining the terms of a financial restructuring designed to strengthen the Company’s balance sheet, reduce its debt by approximately $1.1 billion, and enable the Company to focus on achieving its long-term strategic plans.
The COVID-19 pandemic and the oil market share war have exacerbated the cycles in the deepwater drilling market and, as a result, significantly decreased the demand for the Company’s drillships and services. The Company’s reorganization process will allow it to put in place a leaner and stronger financial foundation to move successfully through the pandemic and best position the Company for the future, while continuing normal business operations.
The Company’s business globally, including all of its drillships, remain ready to be deployed for potential work and continue to serve the Company’s existing customers and contracts.
Additional information, including press releases and FAQs, is available at https://www.pacificdrilling.com/restructuring. More information about the restructuring, including access to Court documents, can be found at https://cases.ra.kroll.com/PacificDrilling2020.
Important Information & Dates
First Day Hearing
A hearing on the Debtors' First Day Motions was held on November 2, 2020 at 3:30 p.m. (CT) before the Honorable David R. Jones, United States Bankruptcy Court for the District of Southern District of Texas. A final hearing on certain of the First Day Motions was held on November 25 at 12:00 p.m. (CT). Please click below to view and download the First Day Motions and the First Day Orders:
Meeting of Creditors
The Meeting of Creditors was held on December 1, 2020 at 11:00 a.m. (CT). Please click to here to view and download the Notice of Meeting of Creditors & Commencement of Case
Plan & Disclosure Statement
On October 31, 2020, the Debtors filed their Plan of Reorganization and the Disclosure Statement related thereto. On December 21, 2020, the Bankruptcy Court entered an order approving the Disclosure Statement and confirming the Plan. On December 31, 2020, the Effective Date of the Plan occurred, and the Plan was consummated. Please click the link below to view and download the Plan & Disclosure Statement documents:
Dates
Parties
Debtors' Counsel
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Latham & Watkins LLP (New York)
885 Third Avenue
New York, NY 10022
https://www.lw.com/
Phone: 212.906.1200
Fax: 212.751.4864
George A. Davis
Suzzanne Uhland
Adam S. Ravin
Christopher J. Kochman
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Latham & Watkins LLP (Chicago)
330 North Wabash Avenue, Suite 2800
Chicago, IL 60611
https://www.lw.com/
Phone: 312.876.7700
Fax: 312.993.9767
Asif Attarwala
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Jones Walker LLP (Texas)
811 Main St, Suite 2900
Houston, TX 77022
https://www.joneswalker.com/
Phone: 713.437.1800
Fax: 713.437.1810
Joseph E. Bain
Cindy Muller
Gabrielle A. Ramierez
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Jones Walker LLP (Louisiana)
201 St. Charles Avenue, 48th Floor
New Orleans, LA 70170
https://www.joneswalker.com/
Phone: 504.582.8368
Fax: 504.589.8368
Elizabeth J. Futrell
United States Trustee and Court Information
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United States Bankruptcy Court, Southern District of Texas
515 Rusk Avenue
Houston, TX 77002
http://www.txs.uscourts.gov/offices/houston-division
Phone: 713.250.5500
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Office of the United States Trustee
515 Rusk Street, Suite 3516
Houston, TX 77022
https://www.justice.gov/ust-regions-r07/region-7-southern-district-texas-houston-division
Phone: 713.718.4650
Fax: 713.718.4670
Debtors
Case Number | Debtor Name | Petition Date |
---|---|---|
Case Number 20-35212 | Debtor Name Pacific Drilling S.A. | Petition Date October 30, 2020 |
Case Number 20-35196 | Debtor Name Pacific Drilling Holding (Gilbratar) Limited | Petition Date October 30, 2020 |
Case Number 20-35202 | Debtor Name Pacific Drilling, Inc. | Petition Date October 30, 2020 |
Case Number 20-35195 | Debtor Name Pacific Drilling Finance S.À.R.L. | Petition Date October 30, 2020 |
Case Number 20-35204 | Debtor Name Pacific Drillship S.À.R.L. | Petition Date October 30, 2020 |
Case Number 20-35197 | Debtor Name Pacific Drilling Limited | Petition Date October 30, 2020 |
Case Number 20-35210 | Debtor Name Pacific Sharav S.À.R.L. | Petition Date October 30, 2020 |
Case Number 20-35201 | Debtor Name Pacific Drilling VII Limited | Petition Date October 30, 2020 |
Case Number 20-35200 | Debtor Name Pacific Drilling V Limited | Petition Date October 30, 2020 |
Case Number 20-35207 | Debtor Name Pacific Scirocco Ltd. | Petition Date October 30, 2020 |
Case Number 20-35209 | Debtor Name Pacific Bora Ltd. | Petition Date October 30, 2020 |
Case Number 20-35205 | Debtor Name Pacific Mistral Ltd. | Petition Date October 30, 2020 |
Case Number 20-35206 | Debtor Name Pacific Santa Ana Limited | Petition Date October 30, 2020 |
Case Number 20-35198 | Debtor Name Pacific Drilling Operations Limited | Petition Date October 30, 2020 |
Case Number 20-35199 | Debtor Name Pacific Drilling Operations, Inc. | Petition Date October 30, 2020 |
Case Number 20-35193 | Debtor Name Pacific Drilling, LLC | Petition Date October 30, 2020 |
Case Number 20-35203 | Debtor Name Pacific Drillship Nigeria Limited | Petition Date October 30, 2020 |
Case Number 20-35208 | Debtor Name Pacific Sharav Korlátolt Felelosségu Társaság | Petition Date October 30, 2020 |
Case Number 20-35211 | Debtor Name Pacific Drilling Company Limited | Petition Date October 30, 2020 |