Pacific Drilling has filed a proposed reoganisation plan in its US Chapter 11 bankruptcy reorganisation based on a pitch by secured creditors to raise $1.5bn in new capital in return for a full equity stake in the revamped operation.
However, the plan would wipe out the equity interest of existing shareholders, including that of Idan Ofer’s Quantum Pacific Gibraltar, which held about 70% of the company when it filed bankruptcy papers last November.
