Paragon Offshore (PGNPQ) Says Court Denied Modified Second Amended Joint Chapter 11 Plan of Reorganization
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Paragon Offshore plc (OTC: PGNPQ) announced that the United States Bankruptcy Court (the “Bankruptcy Court”) for the District of Delaware has given an oral ruling denying confirmation of the company’s previously filed Modified Second Amended Joint Chapter 11 Plan of Reorganization (the “Plan”). A written ruling is expected to follow shortly. Paragon filed for protection under chapter 11 of the United States Bankruptcy Code on February 14, 2016.
In issuing his oral ruling, Judge Christopher Sontchi commented that the Plan is not feasible as it removes too much cash from the company during the current downturn. However, he noted that his ruling did not preclude the company from a restructuring, only that the company could not do so under the current Plan.
Paragon is evaluating its course of action but cannot comment on details of the next steps the company will take. The company continues to believe, but cannot provide any assurances, that a positive resolution of the company’s restructuring process can be achieved.
Additional Information on Restructuring
Court filings as well as other information related to Paragon's restructuring are available through the company's claims agent, Kurtzman Carson Consultants, at http://www.kccllc.net/paragon or via phone call to 866-967-0491 (toll-free in North America) or 310-751-2691 (Outside North America).
Weil, Gotshal & Manges LLP is serving as legal counsel to Paragon and Lazard is serving as financial advisor.
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