Idan Ofer's Pacific Drilling has exited Chapter 11 after completing a $1.5bn recapitalization and will move forward with a new chief executive.
Former Noble executive Bernie Wolford it taking the top job at the offshore drilling company, which has $400m in liquidity following a restructuring process.
The restructuring, into which Ofer co-invested alongside bondolders, sees Pacific Drilling without any debt maturities until 2023.
"The plan has strengthened the company's balance sheet by significantly reducing its leverage and enhancing its liquidity," Pacific Drilling said in a statement.
Pacific Drilling sought bankruptcy protection last November, filing for chapter 11 in New York federal court to restructure $3bn worth of debt.
This summer, creditors sought to oust Ofer, who controlled 70% of the company through holding company Quantum Pacific.
But the two sides went to mediation, and in August cut a $1.5bn deal that raised $1bn through new secured notes and $500m in equity. The private note offering closed in late September.
Quantum Pacific committed to $100m for each round of notes and will buy $50m of the new equity.
Additionally, Wolford will take over for Paul Reese, who guided the company through bankruptcy.
Wolford is a 37-year veteran of the offshore drilling industry, starting his career in 1981 with Transworld Drilling.
He most recently served as senior vice president at the Noble Corporation.
He will also sit on the board of directors as a class A director, alongside David Weinsten and new chairman W. Matt Ralls.
Daniel Han, Donald Platner and Kiran Ramineni join as class B directors.
