Pacific Drilling exclusive plan-filing period extended through Oct. 29

By Caroline Salls

Pittsburgh, Aug. 23 – Pacific Drilling SA obtained an extension of its Chapter 11 plan-filing period and vote solicitation period, according to an order filed Thursday with the U.S. Bankruptcy Court for the Southern District of New York.

The company’s exclusive plan-filing period was extended to Oct. 29 and the solicitation period through Dec. 28.

However, the order specifies that if Pacific Drilling has not received court approval of the disclosure statement related to its plan by 5 p.m. ET on Sept. 25, the exclusive filing period will terminate then.

As previously reported, the company filed a plan of reorganization on July 31 that is based on a proposal presented to its board of directors by an informal group of its secured creditors.

Pacific Drilling announced on Monday that the plan now has the full support of majority shareholder Quantum Pacific (Gibraltar) Ltd.

Pacific Drilling is a Luxembourg-based operator of drillships. The company filed for bankruptcy on Nov. 12, 2017 in the U.S. Bankruptcy Court for the Southern District of New York under Chapter 11 case number 17-13193.

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