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The Paul, Weiss Bankruptcy & Corporate Reorganization Department serves as a critical advisor in almost every major, complex restructuring matter, helping companies, creditors and investors facing rapid market transformation respond to business challenges with comprehensive and innovative strategies. Diversity of matters and clients, senior-level attention and seamless delivery of multidisciplinary services distinguish the practice.

Pacific Drilling Emerges From Chapter 11

Paul, Weiss advised an ad hoc committee of creditors in connection with the successful reorganization of Pacific Drilling S.A. pursuant to a chapter 11 plan. In connection with its emergence from chapter 11, Pacific Drilling, an international offshore drilling company that specializes in ultra-deepwater and well construction services, raised $1.5 billion in new capital, consisting of $1 billion in new secured notes and $500 million in new equity. Pursuant to its plan of reorganization, Pacific Drilling equitized approximately $1.85 billion in pre-petition debt and paid in full approximately $1.2 billion in debt related to its pre-petition senior secured credit facility, revolving credit facility and post-petition debtor-in-possession financing. Customer, employee and ordinary trade claims were unimpaired. As a result, the ad hoc committee of creditors advised by Paul, Weiss now holds approximately 82 percent of Pacific Drilling’s outstanding shares.

The Paul, Weiss team included bankruptcy partners Elizabeth McColm and Andrew Rosenberg and counsel Diane Meyers; corporate partners Andrew Foley, Catherine Goodall and Jeffrey Marell and counsel Austin Witt; litigation partner Andrew Ehrlich; employee benefits partner Andrew Gaines and counsel Jason Ertel and Reuven Falik; tax partner David Mayo; antitrust counsel Marta Kelly; and environmental counsel William O’Brien.

November 20, 2018

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