KeyfactsEnergy

Parker Drilling files for Chapter 11

13/12/2018

Parker Drilling and certain of its subsidiaries filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas on December 12, 2018 in order to implement the terms of a Restructuring Support Agreement ("RSA"). The RSA and proposed Chapter 11 Plan of Reorganization contemplate the cancellation of the existing Common Stock and the issuance of a new security when the Company emerges from Chapter 11 protection. While the existing stock is expected to continue to trade on the OTC Pink during the Chapter 11 cases, Parker Drilling intends to apply to list its new shares on the NYSE upon emergence.