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Paragon Offshore Disclosure Supplement Filed, Approved

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Paragon Offshore filed with the U.S. Bankruptcy Court a further modified Disclosure Supplement related to its Modified Second Amended Joint Chapter 11 Plan. The modifications address, among other things, certain comments received from the Company’s secured term loan agent.

According to documents filed with the Court, “The Secured Term Loan Agent, on behalf of the Secured Term Loan Lenders, opposed confirmation of the Proposed Plan….The Secured Term Loan Agent believes that the Bankruptcy Court will decline to confirm the Modified Plan….The Secured Term Loan Agent believes that it would be in the best interests of each of the primary creditor constituencies (i.e., the Revolving Lenders, the Secured Term Loan Lenders and the Senior Noteholders) for the Debtors to advance a full restructuring of the Debtors’ balance sheet.”

The Disclosure Statement continues, “The Debtors disagree with the Secured Term Loan Agent’s arguments and believe that the Modified Plan satisfies all requirements under section 1129 of the Bankruptcy Code. Moreover, Holders of 100% in outstanding principal amount of the Revolving Credit Agreement Claims and holders of approximately 68.98% in outstanding principal amount of the Senior Notes Claims entitled to vote on the Modified Plan have already agreed to support the Modified Plan by submitting a ballot to accept, or forgoing the opportunity to submit a Ballot to reject, the Modified Plan.”

The Court subsequently approved the Disclosure Supplement and scheduled a hearing September 27, 2016 hearing to consider Plan confirmation. Read more oil & gas bankruptcy news.

The post Paragon Offshore Disclosure Supplement Filed, Approved appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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