BANKRUPTCY PLAYS

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PKDSQ News, Commons survive. $0.23 now, $4 a year ago, $21 2 years ago.$18 book value on the shares.

Parker Drilling Plan of Reorganization Confirmed by Court
Plan Calls For Significant Reduction of Debt, Access to Additional Capital
Company Expects to Emerge from Chapter 11 Later this Month

HOUSTON, March 7, 2019 /PRNewswire/ -- Parker Drilling Company (OTC Pink Marketplace: PKDSQ) ("Parker" or the "Company") today announced that the United States Bankruptcy Court for the Southern District of Texas (the “Court”) has confirmed the Amended Joint Chapter 11 Plan of Reorganization (the “Plan”) of Parker and its debtor affiliates. Parker expects to complete its restructuring and successfully emerge from Chapter 11 protection later this month.

The Plan calls for the issuance of equity and a new $210 million Second-Lien Term Loan due 2024 to holders of Parker’s funded debt and the injection of $95 million of new, fully-committed equity capital through a backstopped rights offering. Current preferred equity holders and common equity holders will also receive equity and warrants for equity in the reorganized company. Holders of claims arising from non-funded debt general unsecured obligations will receive payment in full in cash.

“Confirmation of our Plan is a key step towards putting Parker on the right path for a successful future with a stronger financial position,” said Gary Rich, Chairman, President and Chief Executive Officer. “We appreciate the overwhelming support of the Plan by all voting stakeholder groups, which demonstrates their confidence in Parker’s disciplined strategy to build our enterprise by leveraging our global footprint and diverse suite of products and services.”
“I also want to extend my sincere gratitude to Parker Drilling employees across the world, for their unwavering commitment to serving our customers with operational excellence and integrity during this process. I am excited as I look to the future at what we will be able to achieve as a stronger company,” Rich concluded.

Additional information about the restructuring can be found at https://cases.primeclerk.com/parkerdrilling or toll-free number, +1.855.631.5345, or +1.347.338.6451 internationally.
Kirkland & Ellis LLP is serving as legal advisor to Parker in connection with the restructuring. Moelis & Company is serving as Parker's investment banker, and Alvarez & Marsal is serving as its financial advisor.