New Delaware Chapter 11 Filing – Paragon Offshore plc et al.
Paragon Offshore plc (OTC: PGNPF) and 25 affiliates have filed voluntary petitions for relief under chapter 11 of the Bankruptcy Code before the United States Bankruptcy Court for the District of Delaware (lead case no. 16-10386). The cases are being heard before the Honorable Christopher S. Sontchi. A first day hearing is scheduled for February 17, 2016 at 9:30 a.m. The debtors have filed a proposed plan and a disclosure statement and are seeking authority to use cash collateral, among other relief. The petitions (including the consolidated list of top 30 creditors), the first day declarations (1 and 2) filed in support of the petitions, and the docket are available through Kurtzman Carson Consultants. The company has issued a press release regarding its restructuring and provides answers to certain questions at its website.
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