Feb 12 (Reuters) - Paragon Offshore Plc PGNPF.PK said it
will file for Chapter 11 bankruptcy on or before Feb. 14,
becoming the first U.S. energy-related company to seek court
protection from creditors this year amid a plunge in oil prices.
The Houston-based driller, which has rigs around the world,
has been struggling with a heavy debt load.
Paragon decided not to make a $15.4 million bond interest
payment due Jan. 15, triggering a 30-day grace period before
default.
Paragon had $732 million in cash at Sept. 30, according to
public filings.