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The thing that strikes you the most about Paul, Weiss is the depth of the practice. They just have a large number of senior partners, all of whom are of an outstanding quality.

- Chambers USA, Band 1 for Bankruptcy/Restructuring (Nationwide and NYC) and "Bankruptcy Law Firm of the Year" in 2019

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

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