Paragon Offshore filed with the U.S. Bankruptcy Court a second motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including October 31, 2016 and December 30, 2016, respectively.
The motion explains, “The Debtors are not seeking an extension of the Exclusive Periods as a negotiation tactic, to artificially delay the conclusion of these chapter 11 cases, or to hold any creditors hostage to the Modified Plan. The requested relief is only intended to provide the Debtors with flexibility necessary to accommodate for any unforeseen or unpredictable plan confirmation related delays/adjournments. The requested relief also comports with the extended confirmation timeline contemplated by the Modified Plan and the PSA Amendment. Termination of the Exclusive Periods at this juncture would permit any party in interest to propose a plan for any or all of the 26 Debtors, which would only create unnecessary business uncertainty that harms the Debtors’ estates.” The Court scheduled a September 26, 2016 hearing on the motion, with objections due by August 26, 2016.
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