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Paragon Offshore files for administration in UK

Staff Writer |
Paragon Offshore announced that the company’s board of directors filed an application with the High Court of Justice, Chancery Division, Companies Court of England and Wales for the appointment of two partners of Deloitte to serve as joint administrators of the company under the Insolvency Act 1986.

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A hearing on the Application is expected to be scheduled shortly in London at the English Court.

Paragon’s decision to apply for the appointment of the Proposed Administrators is a necessary component of the consensual plan of reorganization under chapter 11 of the United States Bankruptcy Code that the company announced on May 2, 2017.

Under the Consensual Plan, Paragon’s existing equity will be deemed worthless and the company’s secured creditors and unsecured bondholders will receive equity in a new reorganized parent company.

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