Paragon Offshore filed with the U.S. Bankruptcy Court a Fifth Joint Chapter 11 Plan and related Disclosure Statement.
According to the Disclosure Statement, “As of the Effective Date, the Plan represents a full, final, integrated, complete, and good faith compromise, settlement, release, and resolution of, among other matters, disputes and potential litigation among the Debtors, the Term Loan Agent, the Revolving Credit Facility Agent, the Revolving Lenders the Term Lenders (together with the Revolving Lenders, the ‘Secured Lenders’), and the Creditors’ Committee regarding all Secured Lender Claims, all Senior Notes Claims, all General Unsecured Claims, all rights, Claims, and interests arising out of the Adequate Protection Order, all disputes and issues in connection with or relating to encumbered and unencumbered assets and to the validity, extent, and priority of the Liens securing the Secured Lender Claims, including with respect to Cash held by Paragon Parent and Intercompany Claims, all disputes and issues relating to the Senior Notes Claims’ makewhole claims, and the matters, disputes, and litigations described in the Plan. There are three (3) primary creditor groups whose acceptances of the Plan are being solicited: Holders of a Secured Lender Claim (Class 3); Holders of a Senior Notes Claim (Class 4); and Holders of a General Unsecured Claim (Class 5).”
Dean E. Taylor, Company president and C.E.O., states, “This agreement is a tremendous step forward in Paragon’s plan to emerge from chapter 11, clearing the path to an early June 2017 confirmation hearing that will be uncontested by any of Paragon’s key creditor groups. We are immensely pleased that our secured and unsecured lenders could find common ground. The company also contributed to the solution through its abandonment of the Noble settlement agreement and subsequent contribution of additional cash for distribution.” The Court scheduled a June 7, 2017 hearing to consider the Plan.
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