Idan Ofer’s Pacific Drilling has secured extra time to talk with creditors on how to restructure under Chapter 11.
The driller has been in mediation with its secured creditors and major shareholders since March and the bankruptcy court has now extended the discusions until 4 June.
Pacific Drilling sought Chapter 11 in the Southern District of New York last November as it attempted restructure $3bn worth of debt.
At the time TradeWinds reported that Ofer had been willing to inject $100m of new capital into the business but discussions with creditors on the package failed to gain the required support.
Pacific Drilling revealed the extended mediation process as it reported a first quarter loss of $96.1m today.
The red ink has been trimmed from $129.7m in the final three months of 2017.
Paul Reese, chief executive of Pacific Drilling, said operating costs were further reduced and the company has implemented a clustered smart-stacking process in Las Palmas which will reduce lay-up fees by 50%.
“We continue to engage in active discussions with our stakeholders for the purpose of agreeing to the terms of a Chapter 11 plan of reorganization,” the executive concluded.
