Bankruptcy Judge Christopher Sontchi gave the green light to Paragon Offshore PLC’s creditors to vote on its restructuring plan, which would wipe more than $1 billion in existing debt from its balance sheet, the Wall Street Journal reported today. Judge Sontchi on Monday signed off on an outline of Paragon’s restructuring plan, court papers show, paving the way for creditors to begin casting their votes. In addition to lowering the company’s debt load, Paragon will also see a $60 million reduction in annual cash interest expense from its balance sheet. Creditors eligible to vote on the plan will have until May 31 to submit ballots, and Judge Sontchi will consider approving the plan itself at a hearing set for June 3.
