Prospector Offshore Drilling cash collateral use extended to Feb. 21

By Caroline Salls

Pittsburgh, Jan. 11 – Prospector Offshore Drilling Sarl obtained an extension of the termination date under its interim cash collateral use order, according to an order filed Thursday with the U.S. Bankruptcy Court for the Southern District of New York.

In July, Prospector requested court approval to use the cash collateral of security agent Industrial and Commercial Bank of China, New York Branch to fund its operations while in bankruptcy.

The termination date was extended to the earlier of Feb. 21 and the occurrence of a termination event.

Prospector is a subsidiary of Paragon Offshore plc, a Houston-based provider of offshore drilling rigs. Prospector filed for bankruptcy on July 20 under Chapter 11 case number 17-11572.

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