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EX-2.1 - EX-2.1 - PARAGON OFFSHORE PLC | a17-14932_1ex2d1.htm |
8-K - 8-K - PARAGON OFFSHORE PLC | a17-14932_18k.htm |
Exhibit 99.1
Paragon Offshore Announces Confirmation of Restructuring Plan
06/07/2017
HOUSTON, June 07, 2017 (GLOBE NEWSWIRE) Paragon Offshore plc (Paragon or the company) (OTC:PGNPQ) announced today that the United States Bankruptcy Court has approved the companys consensual plan of reorganization (the Consensual Plan) under chapter 11 of the United States Bankruptcy Code that the company announced on May 2, 2017. Under the Consensual Plan, Paragons existing equity will be deemed worthless and the companys secured creditors and unsecured bondholders will receive equity in a new reorganized parent company. In confirming the plan, the Bankruptcy Court overruled all objections raised at confirmation, including those raised by an unofficial committee of equity holders.
Paragon is planning for its emergence from chapter 11 in early July; however, this timing is subject to the completion of certain conditions precedent to emergence including, among other things, Paragons legal entity restructuring.
Following the ruling, Mr. Dean E. Taylor, President and Chief Executive Officer of Paragon, said, We are extremely gratified to have received this ruling. Thanks are due to our employees, our board of directors, our creditors, and the professionals retained by Paragon and its creditors. Without their hard work and dedication, we could not have achieved this result, which allows us to emerge from the shadow of bankruptcy and return to our core business of delivering Safe, Reliable, and Efficient services to our customers.
Additional Information
Details of the Consensual Plan can be found in the Current Report on Form 8-K filed by the company with the U.S. Securities and Exchange Commission (the SEC) on May 3, 2017. Additional information will be available on Paragons website at www.paragonoffshore.com or by calling Paragons Restructuring Hotline at 1-888-369-8935.
Neville Barry Kahn and David Philip Soden were appointed Joint Administrators of Paragon Offshore Plc on 23 May 2017. The affairs, business and property of the Company are managed by the Joint Administrators. The Joint Administrators act as agents of the Company and contract without personal liability. In performing their work in relation to this appointment, the Joint Administrators are bound by the Insolvency Code of Ethics, a link to which has been provided on the website set up for this case at www.deloitte.com/uk/paragonoffshoreplc.
Weil, Gotshal & Manges LLP is serving as legal counsel to Paragon and Lazard is serving as financial advisor. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel to the Creditors Committee and Ducera Partners LCC is serving as financial advisor. Simpson Thacher & Bartlett LLP is serving as legal counsel to the Revolver Agent and PJT Partners is serving as financial advisor. Freshfields Bruckhaus Deringer LLP is serving as legal counsel to the Term Loan Agent and FTI Consulting, Inc. is serving as financial advisor.
Forward-Looking Disclosure Statement
This document contains forward-looking statements. Statements regarding the Consensual Plan, its ability to implement the proposed transaction set forth under the Consensual Plan, Paragons operations and services, and the bankruptcy process including timing of emergence, as well as any other
statements that are not historical facts in this release, are forward-looking statements that involve certain risks, uncertainties and assumptions. These include but are not limited to risks associated with the general nature of the oil and gas industry, risks associated with the companys restructuring, actions by regulatory authorities, customers and other third parties, and other factors detailed in the Risk Factors section of Paragons annual report on Form 10-K for the fiscal year ended December 31, 2016, Paragons most recently filed report on Form 10-Q, and in Paragons other filings with the SEC, which are available free of charge on the SECs website at www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated.
About Paragon Offshore
Paragon is a leading provider of standard specification offshore drilling services. Paragons operated fleet includes 32 jackups, including two high specification heavy duty/harsh environment jackups, four drillships, and one semisubmersible. Paragons primary business is contracting its rigs, related equipment and work crews to conduct oil and gas drilling and workover operations for its exploration and production customers on a dayrate basis around the world. Paragons principal executive offices are located in Houston, Texas. Paragon is a public limited company registered in England and Wales with company number 08814042 and registered office at 20-22 Bedford Row, London, WC1R 4JS, England. Additional information is available at www.paragonoffshore.com.
For additional information, contact:
For Investors & Media:
Lee M. Ahlstrom
Senior Vice President & Interim Chief Financial Officer
+1.832.783.4040
Source: Paragon Offshore Services LLC