A top-notch restructuring group, capable of handling the biggest and the most difficult restructuring from either company side or creditors’ side. 
- Chambers USA, Band 1 Bankruptcy/Restructuring (Nationwide and NY)
Paragon Offshore and Creditors Ink Restructuring Deal
- Client News
- May 2, 2017
Practices
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.