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BRIEF-Paragon Offshore says consensual restructuring agreement reached between secured, unsecured lenders

May 2 Paragon Offshore plc:

* Paragon Offshore announces consensual restructuring agreement reached between secured and unsecured lenders, establishing litigation trust for creditors to pursue claims against Noble Corporation

* Says unsecured noteholders to receive $105 million in cash and 50% of new common equity

* Under Consensual Plan, company expects to emerge from Chapter 11 with approximately $160 million in cash

* As per plan, term lenders, revolver lenders to get pro rata shares of $410 million in cash, 50% of new equity, new term debt of $85 million

* Under Fourth Joint Plan of reorganization, co agreed to abandon previously disclosed settlement agreement with Noble Corp

* Believes its Consensual Plan will allow company to forgo tax bonding support that would have been provided under Noble settlement

* Co formally terminated Noble Settlement on April 21, 2017

* Under Consensual Plan, first $10 million of proceeds from litigation against Noble will be applied to repay Litigation Loan Amount

* Under Consensual Plan, balance of first $10 million of proceeds will be shared 50%/50% between noteholders and secured creditors Source text for Eikon: Further company coverage:

我们的标准: 汤森路透“信任原则

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