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.”
