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Parker Drilling Files for Bankruptcy Protection

By  AOG Staff Wednesday, 12 December 2018 07:54
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Parker Drilling files for pre-arranged Chapter 11 reorganization

© Namthip / Adobe Stock
© Namthip / Adobe Stock

Oilfield services provider Parker Drilling Co said it filed for bankruptcy protection on Wednesday under an agreement with a group of debtors that will allow it to quickly restructure.

The plan, which is subject to court approval, will reduce its funded debt by two-thirds and inject $95 million of equity capital through a backstopped rights offering, the company said. It expects to emerge from bankruptcy protection in early 2019.

(Reporting by Liz Hampton; Editing by Richard Chang)

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