A court in the UK has put US-based offshore rig operator Paragon Offshore in administration, the next step in the company’s plan to enter Chapter 11 bankruptcy protection in the US.
As reported last week, the Houston-headquartered company sees the appointment of administrators as a necessary element in its restructuring process.
The High Court of Justice, Chancery Division, Companies Court of England and Wales, in London appointed two partners of Deloitte as the administrators.
The next phase in the process should be a confirmation hearing, scheduled to start on June 7 at US Bankruptcy Court in Delaware.
In October 2016, the same court had denied Paragon’s Chapter 11 request, saying it required the removal of too much cash from the company.