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Paragon Offshore Bankruptcy Plan Confirmed

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The U.S. Bankruptcy Court approved Paragon Offshore’s Fifth Joint Chapter 11 Plan. Under the Plan, Paragon Offshore’s existing equity will be deemed worthless and the Company’s secured creditors and unsecured bondholders will receive equity in a new reorganized parent company.

According to documents filed with the Court, “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.”

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.”

This offshore drilling rig provider filed for Chapter 11 protection on February 14, 2016, listing $3.3 billion in pre-petition assets.

Read more Paragon bankruptcy news.

The post Paragon Offshore Bankruptcy Plan Confirmed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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