Paragon Offshore filed with the U.S. Bankruptcy Court an amended and restated second motion for extending the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including December 15, 2016 and January 13, 2017, respectively.
The motion explains, “The Second Exclusivity Motion was originally set for hearing one day before commencement of the confirmation hearing on the Modified Plan. To avoid an unnecessary contested exclusivity fight before the confirmation hearing, by agreement of the parties, the hearing on the Second Exclusivity Motion was adjourned and is currently scheduled on November 3, 2016 ….On October 28, 2016, the Court issued an oral ruling (the ‘Confirmation Ruling”‘) denying confirmation of the Modified Plan.”
The motion explains, “The Debtors are currently processing the Confirmation Ruling and believe it is in the best interests of their estates and all parties in interest to have a short extension of exclusivity to, among other things, process the Court’s forthcoming written opinion concerning the Confirmation Ruling and confer with the Debtors’ senior management, Board of Directors, and all key stakeholders about formulating a viable chapter 11 plan, all without the resultant harm to the Debtors’ business that would be caused by terminating exclusivity at this time.”
In addition, “Accordingly, by this Amended Motion, the Debtors respectfully request an additional 45 day extension of (i) the exclusive chapter 11 plan filing period through and including December 15, 2016 and (ii) the exclusive plan solicitation period through and including January 13, 2017, without prejudice for the Debtors to seek additional extensions of such exclusivity periods. At the scheduled November 3rd hearing, however, the Debtors simply request an interim order…granting the Amended Motion on an interim basis and scheduling a new hearing date approximately two weeks later, or another date convenient to the Court, which will allow the Debtors an opportunity to review the Court’s written ruling, have discussions with key stakeholders, and ensure parties in interest have an opportunity to respond to the Amended Motion.”
The Court scheduled a November 3, 2016 hearing to consider the motion.
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