Paragon Offshore plc (OTCMKTS:PGNPQ) Files An 8-K Termination of a Material Definitive Agreement
Item 1.02 Termination of a Material Definitive Agreement
plc (Paragon) and certain of its subsidiaries (collectively, the
Company) entered into a plan support agreement (the PSA) with
respect to the terms of a chapter 11 plan of reorganization with
holders of its 6.75% senior unsecured notes maturing July 2022
and 7.25% senior unsecured notes maturing August 2024 (together,
the Noteholders) together with lenders (the Revolver Lenders)
under the Companys Senior Secured Revolving Credit Agreement (the
Revolving Credit Agreement). As also previously reported, on
February 14, 2016, the Company filed voluntary petitions for
relief under chapter 11 of the United States Bankruptcy Code (the
Bankruptcy Cases) in the United States Bankruptcy Court for the
District of Delaware (the Bankruptcy Court). In connection with
the Bankruptcy Cases, on August 5, 2016, the Company filed an
amended and restated plan of reorganization (the Amended Plan).
denying confirmation of the Amended Plan. On November 29, 2016,
the Noteholders and the Revolver Lenders gave notice of the
termination of the PSA, effective December 2, 2016, as a result
of, among other things, the lapse of the outside milestone date
required under the PSA for confirmation of the Amended Plan. The
Company is in discussions with the Noteholders, Revolver Lenders
and lenders under the Companys Senior Secured Term Loan Agreement
concerning a new or amended plan of reorganization.
certain risks, uncertainties and assumptions. These include but
are not limited to risks associated with the Companys
reorganization, the ability of the Company to implement the plan
of reorganization, the general nature of the oil and gas
industry, actions by regulatory authorities, customers and other
third parties, and other factors detailed in the Risk Factors
section of the Companys Annual Report on Form 10-K for the fiscal
year ended December 31, 2015, the Companys most recently filed
Quarterly Report on Form 10-Q, and in its other filings with the
Securities and Exchange Commission (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 plc (OTCMKTS:PGNPQ)
Paragon Offshore plc (Paragon) is a global provider of offshore drilling rigs. The Company’s operated fleet includes approximately 34 jackups (including two high specification heavy duty/harsh environment jackups), four drillships and two semisubmersibles. The Company refers to its semisubmersibles and drillships collectively as floaters. The Company operates in Contract Drilling Services segment. Its 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. The Company operates in hydrocarbon-producing geographies throughout the world, including Mexico, Brazil, the North Sea, West Africa, the Middle East and India. The Company conducts offshore contract drilling operations. The Company provides drilling and maintenance services (but do not provide a rig) on the Hibernia Project in the Canadian Atlantic. Paragon Offshore plc (OTCMKTS:PGNPQ) Recent Trading Information
Paragon Offshore plc (OTCMKTS:PGNPQ) closed its last trading session up +0.035 at 0.195 with shares trading hands.
