Paragon lenders and noteholders OK plan; unsecured creditors reject

By Caroline Salls

Pittsburgh, June 5 – Paragon Offshore plc’s plan of reorganization was accepted by a majority of creditors in two of three voting classes and was unanimously rejected by the general unsecured creditor class, according to a ballot report filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

Specifically, the two holders of $7.5 million of general unsecured claims voted to reject the plan.

In addition, 173 holders, or 99.43% in number, of $1,172,564,443, or 99.16% in amount, of secured lender claims voted to reject the plan, while one holder, or 0.57% in number, of $9.88 million, or 0.84% in amount, of those claims voted to reject it.

A total of 99 holders, or 97.06% in number, of $921.8 million, or 99.55% in amount, of senior notes claims voted to accept the plan, while three holders, or 2.94% in number, of $4.16 million, or 0.45% in amount, of those claims voted to reject it.

The plan confirmation hearing is scheduled for Wednesday.

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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