Parker Drilling Files for Bankruptcy Protection
Parker Drilling files for pre-arranged Chapter 11 reorganization
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)