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Paragon Offshore Extension Sought

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Paragon Offshore filed with the U.S. Bankruptcy Court a third motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including January 16, 2017 and March 16, 2017, respectively.

The motion explains, “The Debtors continue to make good faith progress towards reorganizing, including stabilizing their businesses, reaffirming relationships with key suppliers and service providers, implementing cost-reduction measures, and generally administering the chapter 11 cases efficiently and economically.”

In addition, “Importantly, the Debtors have also been engaged in a series of discussions with senior secured revolver and term loan agents and lenders, the ad hoc group of unsecured noteholders, and their respective professionals, concerning the Debtors’ business plan and formulation of a chapter 11 plan. On December 1, 2016, the Debtors also filed the Motion for Entry of an Order Establishing Deadlines and Procedures for Filing Proofs of Claims and Approving the Form and Manner of Notice Thereof (Docket No. 917), which is currently set for hearing on December 20, 2016. Accordingly, the Debtors have used the current Exclusive Periods constructively and deserve an extension to continue efforts to formulate a consensual chapter 11 plan.”

The Court scheduled a January 13, 2017 hearing to consider the motion, with objections due by December 28, 2016.

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