Paragon Offshore Ltd. announced yesterday that it has emerged from bankruptcy after completing a restructuring that eliminated $2.3 billion of debt, the Houston Business Journal reported yesterday. The successor company to Paragon Offshore PLC, which filed for bankruptcy in February 2016 with $2.96 billion of debt, also named a new board of directors. The search for a new CEO is underway. Following the restructuring, the new Paragon has about $165 million of available cash on its balance sheet and $85 million of new debt. Its new equity will not be listed on an exchange, and the company will not file any further reports with the U.S. Securities and Exchange Commission. Paragon PLC will be deregistered from the SEC. Read more.
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