A top-notch restructuring group, capable of handling the biggest and the most difficult restructuring from either company side or creditors’ side. 
- Chambers USA, Band 1 Bankruptcy/Restructuring (Nationwide and NY)
Pacific Drilling Emerges From Chapter 11
- Client News
- November 20, 2018
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, among others, bankruptcy partners Elizabeth McColm and Andrew Rosenberg and counsel Diane Meyers; corporate partners Andrew Foley and Jeffrey Marell; litigation partner Andrew Ehrlich; employee benefits counsel Jason Ertel and Reuven Falik; tax partner David Mayo; antitrust counsel Marta Kelly; and environmental counsel William O’Brien.