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Paragon Offshore Bankruptcy Objections Filed

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The Internal Revenue Service, Paragon Offshore’s unofficial equity committee of the shareholders and the U.S. Trustee assigned to the case filed with the U.S. Bankruptcy Court separate objections to Paragon Offshore’s Fifth Joint Chapter 11 Plan.

The Trustee asserts, “The Plan should not be confirmed for three reasons: (1) its exculpation provisions are too broad; (2) it would discharge Debtors that are liquidating; and (3) it provides for the payment of an ad hoc committee’s professional fees, without a predicate showing of substantial contribution. Unless these issues are corrected or the record is properly developed, confirmation should be denied.”

Red more oil & gas bankruptcy news.

The post Paragon Offshore Bankruptcy Objections Filed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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