Pacific-Scirocco

Offshore drilling contractor Pacific Drilling announced on Sunday that it has filed for Chapter 11 bankruptcy in the United States Bankruptcy Court for the Southern District of New York. The company said it intends to use the Chapter 11 process to pursue a comprehensive restructuring of its approximate $3 billion in outstanding debt amid the unprecedented and prolonged downturn in the floating drilling rig industry. Pacific Drilling said it intends to continue worldwide operations as usual with approximately $350 million in cash and its fleet of seven advanced high-specification drillships, which are among the most advanced in the world. The company added that it also intends to perform and pay all obligations incurred throughout the Chapter 11 process. http://gcaptain.com/pacific-drilling-files-for-chapter-11-bankruptcy/