Paragon Offshore filed with the U.S. Bankruptcy Court a motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including August 4, 2017 and October 3, 2017 respectively.
The motion explains, “The Debtors have made great strides towards confirming a chapter 11 plan of reorganization and emerging from these proceedings. Since the time this Court granted their last exclusivity extension on April 28, 2017, the Debtors successfully participated in plan mediation with their three major creditor constituents – the Term Lenders, the Revolving Lenders, and the Creditors’ Committee – and announced a global settlement of contested issues (the ‘Plan Settlement’), filed the Fifth Plan and the Disclosure Statement, received approval of the Disclosure Statement, completed the solicitation of votes on the Fifth Plan, filed a Plan Supplement, commenced a U.K. administration (a prerequisite to effectuating the Fifth Plan), which was necessary to implement to effectuate the Fifth Plan, and will shortly appear before this Court to prosecute confirmation of the Fifth Plan. With the hearing on confirmation of the Fifth Plan scheduled to begin on June 7, the Debtors and their advisors are diligently working with the Consenting Creditors and their advisors to ensure that the Fifth Plan will be confirmed and, when confirmed, can be effectuated as quickly as possible.”
The Court scheduled a June 28, 2017 hearing on the motion.
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