Join AOGdigital on Facebook Join AOGdigital on LinkedIn Join AOGDigital on Twitter

 

Parker Drilling Files for Bankruptcy Protection

By  AOG Staff Wednesday, 12 December 2018 07:54
Rate this item
(0 votes)

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)

Read 1454 times