Pacific Drilling S.A.

Case No. 20-35212

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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:

First Day Motions

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:

Plan & Disclosure Statement

Dates

DonwlaodClaim
October 30 2020 Petition Date Voluntary Peti... Add to Calendar
December 31 2020 Effective Date Amended Notice... Add to Calendar
January 4 2022 Case Closed Final Decree C... Add to Calendar
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Parties

Debtors' Counsel

  • 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

  • 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

  • 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

  • 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

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