Pacific Drilling S.A. – Court Confirms Fourth Amended Joint Plan of Reorganization, Almost $2.0 billion of Debt is Impaired

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November 2, 2018 – The Court hearing the Pacific Drilling case confirmed the Debtors’ Fourth Amended Joint Plan of Reorganization [Docket No. 746]. 

The following is a summary of classes, claims, voting rights and expected recoveries: 

  • Classes 1A – 1E (“Secured Tax Claims”) are unimpaired, are deemed to accept and are not entitled to vote on the Plan. 
  • Classes 2A – 2E (“Other Secured Claims”) is unimpaired, deemed to accept and are not entitled to vote on the Plan.
  • Classes 3A – 3E (“Other Priority Claims”) are unimpaired, deemed to accept and are not entitled to vote on the Plan.Estimated allowed claims are $0.0 – $1.0 million and estimated recovery is 100%.
  • Class 4A (“RCF Claims”) is unimpaired, deemed to accept and is not entitled to vote on the Plan. Estimated allowed claims are $475.0 million (plus applicable interest, fees, and expenses) and estimated recovery is 100%.
  • Class 5B (“SSCF Claims”) is unimpaired, deemed to accept and is not entitled to vote on the Plan. Estimated allowed claims are $661.5 million (plus applicable interest, fees, and expenses) and estimated recovery is 100%.
  • Class 6A(i) (“Term Loan B Claims”) is impaired and is entitled to vote on the Plan. Estimated allowed claims are $724.9 million and estimated recovery is 42.9%.
  • Class 6A(ii) (“2020 Notes Claims”) is impaired and is entitled to vote on the Plan. Estimated allowed claims are $768.1 million and estimated recovery is 42.9%.
  • Class 6C (“2017 Notes Claims”) is impaired and is entitled to vote on the Plan. Estimated allowed claims are $453.6 million and estimated recovery is 54.2%.
  • Classes 7A – 7E (“General Unsecured Claims”) are unimpaired, deemed to accept and are not entitled to vote on the Plan. Estimated allowed claims are $1.0 – $2.0 million and estimated recovery is 100%.
  • Classes 8A – 8E (“Section 510(b) Claims”) are impaired, deemed to reject and are not entitled to vote on the Plan. Estimated recovery is 0.0%.
  • Classes 9A – 9E (“Intercompany Claims”) are unimpaired, deemed to accept and are not entitled to vote on the Plan. Estimated recovery is 100%.
  • Class 10D (“PDSA Interests”) is unimpaired, deemed to accept and is not entitled to vote on the Plan. Estimated recovery is 100% (subject to dilution).
  • Classes 11A, 11B, 11C, 11E (“Intercompany Interests”) are unimpaired, deemed to accept and are not entitled to vote on the Plan. Estimated recovery is 100%.

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