Pacific Drilling SA (PACD) News

PACDQ: BK PLAN effective. All shares cancelled. The Filing was out at market open yet the stock still traded ~ 2 million shares at an average .04....$80,000 gone up in smoke for the buyers.

https://otce.finra.org/otce/dailyList?viewType=Deletions

PACD -- NOTICE OF EFFECTIVENESS

https://www.sec.gov/Archives/edgar/data/1517342/000155837020002579/s-3.htm

$PACD --- Common baby, turn it around for nice reversal before the Zombie Apocalypse sets in... LOL +

Link to the Dirty Details:

Pacific Drilling S.A.
Case No. 20-35212

https://cases.primeclerk.com/pacificdrilling2020/Home-DocketInfo?DocAttribute=6365&DocAttrName=SOLICITATIONMATERIALS

Yes indeed --- Getting started here $$$

LOOK OUT!!! --->

LUXEMBOURG--(BUSINESS WIRE)--November 03, 2020-- Pacific Drilling S.A. (NYSE: PACD) announced today that it has received notice from the New York Stock Exchange ("NYSE"), that as a result of the filing of its voluntary petition for reorganization (the "Plan of Reorganization") under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas, Houston Division, and in accordance with Section 802.01D of the NYSE Listed Company Manual, the NYSE has commenced proceedings to delist Pacific Drilling's common shares from the NYSE. The NYSE also indefinitely suspended trading of Pacific Drilling's common shares effective November 2, 2020. The NYSE will apply to the Securities and Exchange Commission ("SEC") to delist the Company's common shares upon completion of all applicable procedures. In reaching its determination, the NYSE noted the uncertainty as to the ultimate effect of the bankruptcy process on the value of the Company's common shares. The NYSE also noted that holders of the common shares will receive no recovery under the prearranged Plan of Reorganization. Pacific Drilling does not intend to appeal the determination and, therefore, it is expected that the common shares will be delisted. The Company's common shares will commence trading in the over-the-counter ("OTC") market on the Pink Open Market on Tuesday, November 3, 2020. The Company's NYSE ticker symbol "PACD" will be discontinued and its OTC ticker symbol will be "PACDQ." This transition to the OTC market does not affect the Company's business operations and will not change its obligation in the near-term to file periodic and certain other reports with the SEC under applicable federal securities laws. However, in addition to providing that holders of the Company's commons shares will receive no recovery for their shares, the Plan of Reorganization also calls for the Company to suspend its SEC reporting obligations either before or shortly after its emergence from the Chapter 11 proceedings. Until completion of the Chapter 11 proceedings, shareholders will continue to own their Company common shares and commencing November 3, 2020 will be able to trade them on the Pink Open Market. However, due to the risks and uncertainties resulting from the Chapter 11 proceedings, trading in the Company's common shares during the pendency of the Chapter 11 proceedings poses substantial risks.

$PACDQ live and ready to rumble!

PACD changed to PACDQ, bankruptcy. Delisted from the NYSE to the OTC:

https://otce.finra.org/otce/dailyList?viewType=Additions

Nice

Offshore drilling contractor seeks to eliminate $1.1 billion in debt

2 November 2020 7:04 GMT UPDATED 2 November 2020 14:23 GMT
By Jennifer Lynn Presley in Houston

Luxembourg-registered offshore drilling contractor Pacific Drilling on Friday made a Chapter 11 bankruptcy filing in the US. The company entered into a restructuring support agreement with a group of its largest debt holders that will wipe out $1.1 billion in debt in exchange for new equity in the reorganised company.

With seven high-specification drillships in its fleet, Pacific Drilling said that it intends to continue operations during the proceedings. This is likely welcome news to US independent Murphy Oil after having awarded the Pacific Drilling drillship Pacific Sharav a 10-well contract in the US Gulf of Mexico in July.

Drilling is expected to start in the second quarter of 2021. The $180,000/day contract includes five option wells.

The contractor has one rig in the yard and the remaining five stacked, according to UK-based broker Clarksons Research.

The company reported that it expects to emerge by year-end with access to $80 million in new capital in the form of an exit facility and $100 million in cash and cash equivalents.

YEEE HAAAAAAAA!!! Hang on for the ride that is coming $$$

$PACD BoooooooM! Get Ready!!!

Pacific Drilling Commences Voluntary Chapter 11 Proceedings; Restructuring Support Agreement to Eliminate All $1.1 Billion of Bond Debt; World-wide Operations Expected to Continue as Usual

4:52 pm ET October 30, 2020 (BusinessWire) Print

Pacific Drilling S.A. (NYSE: PACD) announced today that it and certain of its domestic and international subsidiaries have filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas and have entered into a restructuring support agreement with an ad hoc group of the largest holders of its outstanding bond debt. This consensual financial restructuring transaction will eliminate the Company's approximately $1.1 billion in principal amount of outstanding bond debt through the cancellation and exchange of debt for new equity in the reorganized Company.

The Company also announced today that it has repaid its $50 million first lien superpriority revolving credit agreement with Angelo, Gordon Energy Servicer, LLC, as administrative agent and the lenders party thereto.

With approximately $120 million of cash and cash equivalents as of October 30, 2020, and seven of the most advanced high-specification drillships in the world, Pacific Drilling intends to continue its world-wide operations as usual, deliver services for existing and prospective clients and, subject to court approval, pay all obligations incurred during the Chapter 11 case in full. The Company expects to emerge by year-end with access to new capital in the form of an $80 million exit facility and with approximately $100 million of cash and cash equivalents on the balance sheet.

Since the beginning of 2020, the global health crisis caused by COVID-19 and the resulting oil supply and demand imbalance have caused significant disruption in world economies and markets, including a substantial decline in the price of oil. The impact of these market conditions on Pacific Drilling's business has been direct and significantly negative, rendering our current capital structure unsustainable over the long-term.

Bernie Wolford, Chief Executive Officer, stated, "After spending several months evaluating options for addressing our long-term financial needs in light of challenging market and operational conditions, we are pleased to reach agreement with an ad hoc group of our noteholders that paves the way for an expeditious Chapter 11 restructuring process. This restructuring is intended to enhance our financial flexibility by eliminating our entire prepetition debt and cash interest burden. We expect to emerge from this process in a stronger position to compete in today's challenging, lower-commodity-price environment. I appreciate the ongoing support of our employees, clients and vendors as we complete this accelerated restructuring process. We remain committed to delivering the safest, most efficient and reliable deepwater drilling services in the industry."

Additional information regarding the restructuring and Chapter 11 proceedings can be found (i) on our website at www.pacificdrilling.com/restructuring, (ii) on a website administered by our claims agent, Prime Clerk, at http://cases.primeclerk.com/PacificDrilling2020, or (iii) via our dedicated restructuring information line at: +1 877-930-4314 (toll free) or +1 347-897-4073 (international).

Thanks for the analysis, Clay... three in one week! Maybe you're thinking what I'm thinking; lot's of eyes for sure. We'll see. Have a great weekend!

* * $PACD Video Chart 10-09-2020 * *

Link to Video - click here to watch the technical chart video

Let's Go!

Nice action this am---like to see 100%+ gain today, stranger things have happened. $PACD

Probably just a P&D, but moving in the right direction nevertheless.

LOOKING FOR THAT NEW$

* * $PACD Video Chart 10-08-2020 * *

Link to Video - click here to watch the technical chart video

* * $PACD Video Chart 10-05-2020 * *

Link to Video - click here to watch the technical chart video

Ouch. Not the kind of news we're looking for here.

"It's always darkest before the dawn." Let's see what happens??

ROCE Insights For Pacific Drilling

In Q2, Pacific Drilling (NYSE: PACD) posted sales of $38.91 million. Earnings were up 80.31%, but Pacific Drilling still reported an overall loss of $60.61 million. Pacific Drilling collected $89.43 million in revenue during Q1, but reported earnings showed a $33.62 million loss.

What Is Return On Capital Employed?

Changes in earnings and sales indicate shifts in Pacific Drilling’s Return on Capital Employed, a measure of yearly pre-tax profit relative to capital employed by a business. Generally, a higher ROCE suggests successful growth of a company and is a sign of higher earnings per share in the future. In Q2, Pacific Drilling posted an ROCE of -0.07%.

It is important to keep in mind ROCE evaluates past performance and is not used as a predictive tool. It is a good measure of a company's recent performance, but several factors could affect earnings and sales in the near future.

Return on Capital Employed is an important measurement of efficiency and a useful tool when comparing companies that operate in the same industry. A relatively high ROCE indicates a company may be generating profits that can be reinvested into more capital, leading to higher returns and growing EPS for shareholders.

For Pacific Drilling, the return on capital employed ratio shows the current amount of assets may not actually be helping the company achieve higher returns, a note many investors will take into account when making long-term financial decisions.

Q2 Earnings Recap

Pacific Drilling reported Q2 earnings per share at $-1.16/share, which did not meet analyst predictions of $-1.02/share.

Got a few PM

Agreed. Watching closely. GL

needs real news imo


run started 1.20's

Yep, that's a safe exit -- we'll see -- it's early. Also consider what's reported today could easily change tomorrow and so on... I don't think it's over here yet--not without a decent run-up $$$

PACD .371 sold 44-.45

I bought back in last minute a/h , took a chance because https://twitter.com/PJ_Matlock/status/1312939827969560577


Atlas group were holding overnight for a gap up


they nailed it


as usual


lol

Out eod ..

0.4 did not break

one thing for sure 30M volume on a 75M os is impressive


https://www.finviz.com/quote.ashx?t=PACD

100k trade .37


to the bid


dem Atlas boys ned to step up here and close .40+ for a big monday

Stranger things have happened...

The company has a 30-day grace period expiring on Oct. 31 before the non-payment constitutes an "event of default."

Word to tha prophet (i.e., profit) brotha! $$$

Says they have until 31st oct . That is light years away...so I'm buying up with both hands.

shhh...not supposed to tell anyone. lol Won't happen though, tricks are for kids and everyone loves a GOOD bailout these days. Watch and see $$$

https://seekingalpha.com/news/3619108-pacific-drilling-skips-interest-payments-due-today


PACD

Wheeeeee I love a little cocktail-time action before embarking on my wild weekend extravaganzas! Like I've been saying ... and this is with no News! hmmm wonder what's up??? $$$

Dollar+ coming soon. I guarantee it ;) Get in while you can folk-skies; you don't wanna miss the party! Wheeeeee

* * $PACD Video Chart 10-02-2020 * *

Link to Video - click here to watch the technical chart video

Yes it does load up on $ PACD

Whats going on here? Chart look dreamy for a breakout

* * $PACD Video Chart 09-18-2020 * *

Link to Video - click here to watch the technical chart video

It's taking a minute, but the transformation is beginning.

Dirty oil companies could lead low-carbon transformation, new Goldman report says


Other opportunities also emerging through cutting burdensome regulations in the Oil and Gas industries.

Trump’s EPA dumps methane-emissions rule for oil and gas fields

Yes Sir! Counting on it; would be nice. Of course their last earnings call was not very promising to say the least, but that does not mean a "surprise" reversal won't happen. I am betting it will, and also hoping they don't resort to the dreaded _/_ you know what :/ before it has a chance to happen. Thinking positive - we'll see. PACD $$$

PACD - Looks like this baby is trying to reverse! I hope you are correct!

$PACD About to bust a U-turn back to .78 +

at .27 with only 70 million shares this looks like a steal unless they reverse split

Investor presentation was removed. Buyout candidate?

$PACD heating up for a Run

Oil ends at 5-month high after data shows drop in crude supplies but rise in gasoline inventories

Agreed $PACD

Oil heating back up

https://www.rigzone.com/news/murphy_contracts_drillship_for_10_gom_wells-30-jul-2020-162874-article/