PACD - Pacific Drilling files for bankruptcy

Pacific Drilling (PACD) says it filed for Chapter 11 bankruptcy and entered into a restructuring support agreement with an ad hoc group of its largest bondholders, citing the COVID-19 crisis and the resulting oil supply and demand imbalance.Pacific Drilling says the restructuring will eliminate its ~$1.1B in principal amount of outstanding bond debt through the cancellation and exchange of debt for new equity in the reorganized company.The company expects to emerge by year-end with access to new capital via an $80M exit facility and with ~$100M of cash and cash equivalents on the balance sheet.On Oct. 1, the company failed to make $51M in interest payments, entering a 30-day grace period that expired today.

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Pacific Drilling files for bankruptcy