Offshore energy company emerges from bankruptcy, eliminating $2.3B of debt

Clubs and Organizations

July 18, 2017


Paragon Offshore Ltd. announced July 18 it has emerged from bankruptcy after completing a restructuring that eliminated $2.3 billion of debt. The successor company to Paragon Offshore PLC (OTC: PGNPQ), 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. The new board members were selected by Paragon PLC’s creditors