September 25, 2017 9:01 AM ET

Energy Equipment and Services

Company Overview of Paragon Offshore (Luxembourg) S.à r.l.

Company Overview

Paragon Offshore (Luxembourg) S.à r.l. owns oilrigs. The company was incorporated in 2011 and is based in Luxembourg. Paragon Offshore (Luxembourg) S.à r.l. operates as a subsidiary of Paragon Offshore plc.

291 Route d'Arlon

Luxembourg,  1150

Luxembourg

Founded in 2011

Key Executives for Paragon Offshore (Luxembourg) S.à r.l.

Paragon Offshore (Luxembourg) S.à r.l. does not have any Key Executives recorded.

Paragon Offshore (Luxembourg) S.à r.l. Key Developments

Revised Fith Amended Reorganization Plan Approved for Paragon Offshore plc

The US Bankruptcy Court approved the revised fifth amended plan of reorganization of Paragon Offshore plc on June 7, 2017. The debtor has filed its revised plan in the Court on June 5, 2017. As per the approved plan, Administrative Expense Claims of $101.65 million, Statutory Fee claims, Fee Claims of $12.24 million, Priority Tax Claims, Other Secured Claims of $0.15 million and Priority Non-Tax Claims of $0.15 million will be paid in full in cash. Secured Lender Claims of $1.40 billion shall recover 53% of the claim amounting to $747.93 million, and shall be provided the pro rata share of $410 million in cash, the Take Back Debt, 50% of the New Equity Interests, 50% of the Class A Litigation Trust Interests and 25% of the Class B Litigation Trust Interests. Senior Notes Claims of $1.02 billion shall recover 35% of the claim amounting to $357 million, and shall be provided the pro rata share of $105 million in cash, 50% of the New Equity Interests, 50% of the Class A Litigation Trust Interests and 75% of the Class B Litigation Trust Interests, payment in full of the noteholders’ professional Fees and payment of the reasonable and documented fees and expenses of the Senior Notes Indenture Trustee. General Unsecured Claims of $14 million shall recover 30% of the claim amounting to $4.20 million, and shall be provided the pro rata share of the General Unsecured Claims Distribution. Each Allowed General Unsecured Claim shall receive cash in the amount equal to the lesser of 30% of the amount of such holder’s Allowed General Unsecured Claim and its pro rata share of $5 million. Parent Interests will be cancelled and Intercompany Interests will be reinstated. Subordinated Claims will be cancelled. Intercompany Claims will be paid in full. The plan will be funded from cash in hand, proceeds from asset sales, L/C Facility, Take Back Debt of $85 million and issuance of common stock.

Fifth Amended Reorganization Plan & Related Disclosure Statement Filed by Paragon Offshore plc

Paragon Offshore plc, along with its affiliates, filed its fifth amended joint plan of reorganization with related disclosure statement in the US Bankruptcy Court on May 2, 2017. As per the amended plan, Secured Lender Claims of $1.40 billion shall recover 53% of the claim amounting to $747.93 million, and shall be provided the pro rata share of $410 million in cash, the Take Back Debt, 50% of the New Equity Interests, 50% of the Class A Litigation Trust Interests and 25% of the Class B Litigation Trust Interests. Senior Notes Claims of $1.02 billion shall recover 35% of the claim amounting to $357 million, and shall be provided the pro rata share of $105 million in cash, 50% of the New Equity Interests, 50% of the Class A Litigation Trust Interests and 75% of the Class B Litigation Trust Interests, payment in full of the noteholders’ professional Fees and payment of the reasonable and documented fees and expenses of the Senior Notes Indenture Trustee. General Unsecured Claims of $14 million shall recover 30% of the claim amounting to $4.20 million, and shall be provided the pro rata share of the General Unsecured Claims Distribution. Each Allowed General Unsecured Claim shall receive cash in the amount equal to the lesser of 30% of the amount of such holder’s Allowed General Unsecured Claim and its pro rata share of $5 million. Treatment of all the other classes of claims shall remain same as per the previous plan. Debtor filed revised fifth amended joint plan of reorganization in the Court on June 5, 2017. The treatment of all the classes of claims remains unchanged.

Sale Procedures Approved for Paragon Offshore plc

The US Bankruptcy Court gave an order approving the sale procedures relating to the sale of certain de-minimis assets of Paragon Offshore plc on April 28, 2017. The court approved the sale of the debtor’s certain de-minimis assets in an auction, directly to the buyer, with a purchase price less than $0.1 million without any further approvals. For the sale of assets with purchase price of more than $0.1 million and less than $2.5 million, the debtor shall file a sale notice to all the required parties. If the debtor does not receive any objection by the deadline, it will be free to sell those assets.

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