NYSE:PACD - New York Stock Exchange, Inc. -
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PACD earnings call for the period ending March 31, 2020.
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Pacific Drilling (PACD -5.1%) looks like the next oil and gas name on the verge of bankruptcy after electing not to make the $31.4M interest payment due today for its 8.375% first lien notes due 2023 and the $19.6M PIK interest payment also due today, according to an 8-K filing.The company has a 30-day grace period expiring on Oct.
Transocean (RIG -16.9%) shares sink as much as 24% intraday, as the offshore drilling group continues to face severe headwinds in an environment of weak oil prices.Valaris, the world's largest offshore rig owner by fleet size, filed for Chapter 11 bankruptcy yesterday, joining rivals Noble Corp.
Mentions: RIG
Offshore oil servicers are going bust at the fastest pace in three years as explorers spurn high-cost drilling to deal with a worldwide slump in commodity prices.
Pacific Drilling (NYSE:PACD) discloses the resignation of Senior VP and CFO James Harris, effective Sept. 14.The company says Harris' departure is due to personal reasons and not the result of any dis