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BRIEF-Paragon Offshore files for administration in UK to advance Chapter 11 plan

May 17 Paragon Offshore Plc

* Paragon Offshore files application for administration in United Kingdom to advance its Chapter 11 plan

* Paragon Offshore Plc - remains on track to emerge from Chapter 11 in july

* Says administration process in UK is a necessary part of previously announced restructuring plan

* Paragon Offshore Plc - Paragon will continue to operate in normal course during administration

* Paragon Offshore Plc - drilling contracts will continue and vendors and employees will continue to be paid

* Paragon Offshore Plc - administrators will assume all powers to manage affairs of company

* Paragon Offshore Plc - consensual plan will eliminate more than $2.4 billion of existing debt

* Paragon Offshore - Paragon's existing board has agreed to remain involved in an advisory capacity to administrators until co emerges from Chapter 11

* Paragon Offshore Plc - filed an application for appointment of two partners of Deloitte LLP to serve as joint administrators of company Source text for Eikon: Further company coverage:

我们的标准: 汤森路透“信任原则

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