Pacific Drilling Files Ch. 11 Bankruptcy in New York

            On November 12, 2017, Pacific Drilling S.A. (the “Debtor”), a Luxembourg public limited liability company, and certain of its affiliates[1] (collectively, the “Debtors”) filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Southern District of New York.    According to the Declaration of Paul T. Reese, the Debtor’s Chief Executive Officer, the Debtors are engaged in international offshore drilling, specializing in ultra-deepwater and complex well construction services.  The Debtors cite a decrease in the oil and gas prices and a decrease in offshore deepwater drilling projects as the catalyst for the Debtors filing Chapter 11 bankruptcy.    Based on the Debtor’s bankruptcy petition, it estimates that funds will be available for distribution to unsecured creditors, and estimates that it has between 1,000 and 5,000 creditors.  The Debtor also estimates that it has assets worth between $1 billion and $10 billion, seeming to consist primarily of vessels or drillships.  Further, the Debtor’s Consolidated List of Creditors who hold the 30 largest unsecured claims is comprised of trade debts appearing to be related to offshore drilling services.    The Debtors have sought authority to pay the pre-petition claims of certain critical vendors, namely those entities that provide specialized equipment, parts, transportation of personnel and supplies, shipping, warehousing, communications, medical services, maintenance and repairs, janitorial services, financial and legal services, human resources, certifications and safety inspections.  The Debtors estimate that the aggregate pre-petition claims of these critical vendors is no more than $4.5 million.  Similarly, the Debtors have also requested authority to pay the pre-petition claims of certain foreign trade vendors, which claims are estimated to be approximately $1.7 million in the aggregate.    The case is styled In re Pacific Drilling S.A., et al., and is case number 17-13193 pending in the United States District Court for the Southern District of New York.A copy of the Declaration of Paul T. Reese can be found by clicking here:  Download Pacific Drilling – Paul T. Reese DeclarationFor further information, please contact a Thompson & Knight Bankruptcy and Restructuring Attorney.For more information on the Thompson & Knight Bankruptcy and Restructuring Practice, please click here. [1] Pacific Drilling S.A., Pacific Drilling (Gibraltar) Limited, Pacific Drillship (Gibraltar) Limited, Pacific Drilling, Inc., Pacific Drilling Finance S.à r.l., Pacific Drillship SARL, Pacific Drilling Limited, Pacific Sharav S.à r.l., Pacific Drilling VII Limited, Pacific Drilling V Limited, Pacific Drilling VIII Limited, Pacific Scirocco Ltd., Pacific Bora Ltd., Pacific Mistral Ltd., Pacific Santa Ana (Gibraltar) Limited, Pacific Drilling Operations Limited, Pacific Drilling Operations, Inc., Pacific Santa Ana S.à r.l., Pacific Drilling, LLC, Pacific Drilling Services, Inc., Pacific Drillship Nigeria Limited, and Pacific Sharav Korlátolt Felelősségű Társaság.