skip to main content

The Paul, Weiss Bankruptcy & Corporate Reorganization Department serves as a critical advisor in almost every major, complex restructuring matter, helping companies, creditors and investors facing rapid market transformation respond to business challenges with comprehensive and innovative strategies. Diversity of matters and clients, senior-level attention and seamless delivery of multidisciplinary services distinguish the practice.

Paragon Offshore and Creditors Ink Restructuring Deal

Paul, Weiss represented the Official Committee of Unsecured Creditors in connection with a consensual restructuring of Paragon Offshore plc, an offshore rig operator. Under the terms of the plan unsecured noteholders will receive $105 million in cash and 50 percent of new common equity. Paragon also agreed to abandon a previous settlement with its former corporate parent, Noble Corp., empowering Paragon’s creditors to pursue financial claims against Noble via a Paragon-funded litigation trust.

The agreement, struck as a result of a court-ordered mediation process, comes seven months after the U.S. Bankruptcy Court in Delaware denied approval of a previous plan. It clears the way for an expected June confirmation of Paragon’s plan and emergence from Chapter 11 thereafter.

The Paul, Weiss team included bankruptcy partners Brian Hermann, Elizabeth McColm and Andrew Rosenberg and counsel Samuel Lovett; litigation partners Aidan Synnott and Moses Silverman and counsel Robert Kravitz; and tax partner David Mayo.

May 2, 2017

© 2019 Paul, Weiss, Rifkind, Wharton & Garrison LLP

Privacy Policy