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Parker Drilling emerged from Chapter 11 after restructuring

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Christian Fernsby ▼ | March 27, 2019
Parker Drilling Company announced that it has successfully completed its financial restructuring and emerged from Chapter 11 protection.
Parker Drilling
America   Parker moves forward with a stronger financial position
Parker moves forward with a stronger financial position, having reduced total debt by approximately two-thirds, from $585 million to $210 million, and securing access to $50 million in exit financing.

The Company has also raised an additional $95 million through a fully-backstopped equity rights offering.

Shares of the Company's common stock will no longer trade on the OTC Pink Marketplace effective as of March 26, 2019.

The Company intends to list its common stock on the New York Stock Exchange ("NYSE") as soon as possible.