Parker Drilling Announces Agreement on Comprehensive Restructuring to Significantly Reduce Debt, and Obtain Access to Significant Capital Commitments
PARKER DRILLING (PKD)
Last parker drilling earnings: 11/5 04:20 pm
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US:NYSE Investor Relations:
investors.parkerdrilling.com
Company Research
Source: PR Newswire
HOUSTON, Dec. 12, 2018 /PRNewswire/ -- Parker Drilling Company (NYSE: PKD) today announced that it and its material U.S. subsidiaries (collectively, "Parker" or the "Company") have entered into a restructuring support agreement ("RSA") with holders (the "Consenting Stakeholders") of the Company's securities, including a significant amount of its 7.50% Senior Notes due 2020 and 6.75% Senior Notes due 2022 (collectively, the "Notes"), outstanding preferred stock and outstanding common stock. The transaction contemplated under the RSA is expected to strengthen the Company's financial foundation and position it to capitalize on further opportunities in the market. To implement the terms of the RSA, Parker has voluntarily filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas. Parker's non-U.S. subsidiaries and certain U.S. subsidiaries are excluded from the filing and will not be affected. Parker intends to seek confirmation of a pre-arranged Plan
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