Paragon Offshore’s restructuring plans approved

Paragon Offshore’s restructuring plans approved

American offshore drilling rig firm Paragon Offshore, which sought Chapter 11 proceedings last Friday, has revealed 77% of its bondholders and 96% of its revolver lenders have approved its restructuring plans.

The company also announced that it has filed certain first-day motions with the court to facilitate operating in the normal course throughout the Chapter 11 process.  These motions will ensure that the company’s vendors, as well as employees, will continue to be paid.

“Paragon expects to maintain sufficient liquidity throughout the restructuring process to maintain its business operations,” the company said in a release.

Randall Stilley, president and ceo of Paragon, said, “Paragon has acted proactively to strengthen the company’s balance sheet in this challenging environment.”

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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