Paragon Offshore to File for Bankruptcy

Posted by Michelle Howard
Friday, February 12, 2016
Photo: Paragon Offshore
Paragon Offshore Plc said it will file for Chapter 11 bankruptcy on or before Feb. 14, becoming the first U.S. energy-related company to seek court protection from creditors this year amid a plunge in oil prices.
 
The Houston-based driller, which has rigs around the world, has been struggling with a heavy debt load.
 
Paragon decided not to make a $15.4 million bond interest payment due Jan. 15, triggering a 30-day grace period before default.
 
Paragon had $732 million in cash at Sept. 30, according to public filings.
 
(Reporting by Amrutha Gayathri in Bengaluru and Jessica DiNapoli in New York)

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