Deals
Paragon Offshore Files Bankruptcy After Announcing Debt Plan
- Proposal would release Noble from spinoff-related lawsuits
- Paragon proposes swapping debt for equity in rig company
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Paragon Offshore Plc, the oil services company spun off just as crude began its plunge, filed for bankruptcy protection after announcing deals to reorganize its debt and avoid protracted legal battles involving its former parent, Noble Corp.
Houston-based Paragon is the latest casualty of an oil market that has fallen more than 70 percent since June 2014, just weeks before the company was split off from Noble. Paragon has said it will use the Chapter 11 process to execute a restructuring agreement it announced on Feb. 12.