Paragon Offshore Comes Out of Bankruptcy
Paragon Offshore Group announced that it has emerged from bankruptcy after completing a restructuring that eliminated USD 2.3 billion of debt. The successor company to Paragon Offshore PLC , which filed for bankruptcy in February 2016 with USD 2.96 billion of debt, also named a new board of directors. The search for a new CEO is underway. "The plan of reorganization under chapter 11 of the United States Bankruptcy Code substantially de-levers the company’s ongoing business, eliminating approximately $2.3 billion of secured and unsecured debt. New Paragon emerges with eight rigs currently operating plus a ninth rig expected to commence operations in August 2017…
Port of Houston Maritime Education Program Acclaimed
The Port of Houston Authority has been inducted into the Houston Independent School District Partnership 'Hall of Fame'. Gilda Ramirez, the port's Vice President, Small Business Development, accepted the award on behalf of the Port Authority. The award is presented to community partners for the exemplary services they provide to HISD students and recognizes such initiatives as partnerships, support for district-wide programs and sponsored special events that have a multiple school or district-wide impact and serve as a model for other partnerships.