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UPDATE 1-Paragon Offshore to file for pre-packaged bankruptcy

Published 2016-02-12, 09:48 a/m
© Reuters. UPDATE 1-Paragon Offshore to file for pre-packaged bankruptcy
NEBLQ
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(Adds details, background)
Feb 12 (Reuters) - Paragon Offshore Plc PGNPF.PK said it
will file for a pre-negotiated 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 Offshore, spun off from Noble Corp (N:NE) Plc NE.N in
2014, said on Friday it has reached a restructuring agreement
with its debtholders to reduce debt by more than $1.1 billion.

The company had long-term debt of about $2.57 billion and
$732 million in cash at Sept. 30, according to public filings.
The company had hired Lazard Ltd LAZ.N and Weil, Gotshal &
Manges LLP to explore strategic alternatives related to its
capital structure.
Paragon also said it reached an agreement with Noble,
releasing the former parent from any claims related to the
spinoff.

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