Paragon Offshore requests fifth exclusivity extension amid mediation

By Caroline Salls

Pittsburgh, March 31 – Paragon Offshore plc requested a fifth extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to an order filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

Specifically, Paragon wants to extend its exclusive filing period through June 5 from March 31 and the solicitation period through Aug. 4 from May 30.

Since it last obtained an exclusivity extension, Paragon said it has “made meaningful progress toward bringing these cases to a conclusion,” including agreeing to mediation in hopes of resolving plan disputes and arriving at a restructuring plan supported by all key creditor constituencies.

According to the motion, the mediation is scheduled to proceed on April 5 and April 6, “and its outcome may materially impact the future of these cases for the better.”

If the mediation is successful, the company said it would file and prosecute a new Chapter 11 plan based on a global agreement. If it is unsuccessful, Paragon said it is “prepared to move forward without delay with the current restructuring plan.”

A hearing is scheduled for April 28.

Paragon, a Houston-based provider of offshore drilling rigs, filed for bankruptcy on Feb. 14, 2016. The Chapter 11 case number is 16-10386.

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