Paragon Offshore wins extension in case of plan confirmation delays

By Caroline Salls

Pittsburgh, June 29 – Paragon Offshore plc obtained an extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to an order filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

Paragon’s exclusive filing period was extended through Aug. 12 from June 13 and its solicitation period through Oct. 11 from Aug. 12.

As previously reported, the disclosure statement for a plan filed by Paragon on April 8 was approved by the court on April 11. The plan confirmation was scheduled to begin on June 21.

“The requested relief is intended to provide the debtors with flexibility necessary to accommodate for any unforeseen or unpredictable plan confirmation related delays/adjournments,” the company said in the motion.

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

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