Paragon Offshore reorganisation plans approved by US Bankruptcy Court

Paragon Offshore has had its plan for reorganisation under chapter 11 approved by the United States Bankruptcy Court.

Paragon said that under the plan existing equity will be deemed worthless and the company’s secured creditors and unsecured bondholders will receive equity in a new reorganised parent company.

The Bankruptcy Court overruled objections raised at confirmation, including those raised by an unofficial committee of equity holders.

Dean E. Taylor, president and CEO of Paragon, commented: “We are extremely gratified to have received this ruling. Thanks are due to our employees, our board of directors, our creditors, and the professionals retained by Paragon and its creditors. Without their hard work and dedication, we could not have achieved this result, which allows us to emerge from the shadow of bankruptcy and return to our core business of delivering safe, reliable, and efficient services to our customers.”

Paragon is planning to emerge from chapter 11 in early July.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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