The U.S. Bankruptcy Court approved Paragon Offshore’s fourth motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including March 31, 2017 and May 30, 2017, respectively.
As previously reported, “The Term Sheet contemplates that the Debtors will obtain Court approval of the New Plan and emerge from chapter 11 by June 15, 2017. To that end, the Debtors and the Secured Lenders have agreed that a further extension of exclusivity makes sense here. The Debtors have been and remain working diligently on finalizing the New Plan and disclosure statement, which the Debtors expect to file within the next few weeks, if not sooner. Maintaining exclusivity will allow the Debtors the time and opportunity to attempt to bridge the divide between their Secured Lenders and unsecured Bondholders and negotiate a global consensual restructuring – a result that will clearly benefit the entire creditor body.”
Read more energy bankruptcy news.