Paragon Offshore plc Bankruptcy New Filing Alert: Motion For Authority To Obtain Debtor-In-Possession Financing

On February 14, 2016, a motion for authority to obtain debtor-in-possession financing was filed in the bankruptcy case of Paragon Offshore plc and its affiliates.

The filing was assigned docket number 16 and is described on the court’s official docket as follows:

Motion to Approve Use of Cash Collateral (Motion of Debtors for Interim and Final Orders (I) Authorizing the Debtors to Utilize Cash Collateral; (II) Granting JPMorgan Chase Bank, N.A., as Administrative Agent for the Revolver Lenders and Collateral Agent for the Revolver Lenders and Term Loan Lenders, and Cortland Capital Market Services L.L.C. as Proposed Sucessor Administrative Agent for the Term Loan Lenders, Adequate Protection Pursuant to Sections 105, 361, 362, 363 and 507 of the Bankruptcy Code; and (III) Scheduling Final Hearing Pursuant to Bankruptcy Rule 4001(b)) Filed By Paragon Offshore plc (Steele, Amanda) (Entered: 02/14/2016)

Paragon Offshore plc filed for bankruptcy protection, or had an involuntary bankruptcy petition filed against it, on February 14, 2016. The bankruptcy case is pending before the United States Bankruptcy Court for the District of Delaware. The case number for the lead bankruptcy case is 16-10386. The bankruptcy case is currently assigned to United States Bankruptcy Judge Christopher Sontchi. The law firm of Weil, Gotshal & Manges LLP is acting as lead bankruptcy counsel to Paragon Offshore plc in the bankruptcy case.


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