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Pacific Drilling files for second Chapter 11 bankruptcy

The company hopes to shed $1.1bn in debt by handing control to bondholders, who will also put up an $80m exit loan. It follows the bankruptcies of offshore drillers Noble Corp, Valaris and Diamond Offshore

Pacific Drilling filed for Chapter 11 in Texas after succumbing to the low oil prices and sapped demand that has forced many big offshore players into restructuring

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