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United States Offshore Finance

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

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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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This copy is for your personal, non-commercial use. For high-quality copies or electronic reprints for distribution to colleagues or customers, please call UK support at +44 (0)20 3377 3996 / APAC support at +65 6508 2430

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