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Paragon Offshore Extension Sought

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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 12, 2016 and October 11, 2016, respectively.

The motion explains, “There can be no question that the Debtors have made significant progress in furtherance of reorganization under chapter 11, including stabilizing their business, reaffirming relationships with key economic stakeholders and vendors, implementing cost reduction measures, and generally administering these chapter 11 cases efficiently and economically.”

The motion continues, “The Debtors have also proposed a Plan that will, among other things, (i) reduce the Debtors’ existing debt by over $1 billion; (ii) eliminate the potential risk of costly multi-party litigation; and (iii) provide for an ongoing interest for current equity holders. Plainly stated, the Debtors have administered, and will continue to administer, these chapter 11 cases in an expeditious and cost-efficient manner for the benefit of all economic stakeholders.”

The Court scheduled a July 7, 2016 hearing to consider the motion. Read more oil & gas bankruptcy news.

The post Paragon Offshore Extension Sought appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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