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Pacific Drilling secures approval of first day motions for ordinary course business activities

Pacific Drilling has announced that the US Bankruptcy Court for the Southern District of New York has given it relief in certain first day motions related to ordinary course business activities, subject to certain modifications at the request of the Court, the US Trustee and stakeholders.

The approved motions give us the authority to, among other things, continue to pay employee wages and benefits without interruption, to utilize our current cash management system, and to pay certain foreign and critical vendors for goods and services provided prior to the petition date. All vendors will be paid in full and in cash on normal payment terms for all goods and services provided on or after the petition date.

“With these approvals, the Company will continue normal operations as we implement a comprehensive financial restructuring under the protection of Chapter 11. Importantly, I would like to thank our employees, customers and vendors for working constructively with us during this important period for the Company.”

Paul Reese, Chief Executive Officer of Pacific Drilling, said, “With these approvals, the Company will continue normal operations as we implement a comprehensive financial restructuring under the protection of Chapter 11. Importantly, I would like to thank our employees, customers and vendors for working constructively with us during this important period for the Company.”