Paragon Offshore Ltd. announced July 18 it has emerged from bankruptcy after completing a restructuring that eliminated $2.3 billion of debt.
The successor company to Paragon Offshore PLC (OTC: PGNPQ), which filed for bankruptcy in February 2016 with $2.96 billion of debt, also named a new board of directors. The search for a new CEO is underway.
The new board members were selected by Paragon PLC’s creditors through a search conducted by Korn Ferry. They are:
Chairman James Swent, a director…
Houston Biz Journal
Offshore energy company emerges from bankruptcy, eliminating .3B of debt