Akin Gump Advises Pacific Drilling Noteholders as Company Emerges from Chapter 11 Process
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(New York) – Pacific Drilling S.A. announced that, along with each of its debtor affiliates, it has emerged from the Chapter 11 process, signaling the successful completion of the company’s balance-sheet restructuring and the implementation of the Modified First Amended Joint Plan of Reorganization of Pacific Drilling S.A. and its Debtor Affiliates Pursuant to Chapter 11 of the Bankruptcy Code, which was confirmed by the United States Bankruptcy Court for the Southern District of Texas on December 21, 2020. A team from Akin Gump acted as legal advisor to the ad hoc group of Pacific Drilling noteholders in the process.
Pursuant to the plan, all of Pacific Drilling’s outstanding funded indebtedness was converted into 100 percent of the equity interests in the company’s new parent company, Pacific Drilling Company LLC, a Cayman Islands limited liability company.
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The Akin Gump team advising the Pacific Drilling noteholders was led by financial restructuring partners James Savin and Michael Stamer.
Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.
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