New Delaware Chapter 11 Filing – Paragon Offshore plc et al.

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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.

Contact Norman L. Pernick, Nicholas J. Brannick, or David W. Giattino for more information.

As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.

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