Walkers Advises Ad Hoc Group of Noteholders on Pacific Drilling Restructuring

Walkers acted as Cayman Islands counsel to an ad hoc group of noteholders in connection with Pacific Drilling's restructuring by way of US Chapter 11. After emergence, the reorganised Company now operates with a substantially de-levered capital structure, due to the elimination of more than $1 billion of funded debt obligations pursuant to the Plan. The reorganised Company has approximately $100 million in cash on-hand, and access to an undrawn $80 million senior secured delayed draw term loan exit facility, to support its ongoing operations.

Walkers collaborated with US law firm Akin Gump Strauss Hauer & Feld LLP and the Walkers team was jointly led by Cayman Islands office managing partner Tim Buckley and fellow partner Neil Lupton. They were assisted by Marc Hecht and Jennifer Sangaroonthong.