A Hong Kong investment firm has emerged as a major shareholder in Pacific Drilling following a restructuring of the company under Chapter 11 last year.
Tor Investment Management, backed by Patrik Lennart Edsparr and Christopher Louis Mikosh, is the latest investor to show a substantial holding in the New York-listed firm after it completed the overhaul.
Tor Investment is sitting on a 4.1 million shares in the company, according to an SEC filing today.
Its 5.53% stake makes it the second largest shareholder in Pacific Drilling, behind Whitebox Advisors.
Idan Ofer's Quantum Pacific, which was previously the major stakeholder, revealed a 5.1% interest in the reshaped company last month.
Minnesota-based asset manager Whitebox owns 6.9% of the company, or 5.1 million shares, according to a previous filing.
This is over a million more than Quantum, which owned a 70% stake in the offshore drilling company pre-bankruptcy.
Pacific Drilling sought bankruptcy protection in November 2017, looking to restructure $3bn in debt.
Last summer, creditors set to oust Ofer, who owned 70% of shares through Quantum.
The two sides hashed out a deal in mediation, coming up with a $1.5bn pact that raised $1bn thorough new bonds and $500m in equity.
The agreement saw Ofer invest across the capital structure of the revamped Pacific Drilling.
The deal also saw former Noble executive Bernie Wolford named chief executive along with a new chairman in W. Matt Ralls.
At the open, Pacific Drilling shares were trading at $15.50, up $0.10 or 0.65%.
