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SPARK

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SPARK

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Re: None

Tuesday, 01/26/2016 11:33:30 AM

Tuesday, January 26, 2016 11:33:30 AM

Post# of 1571
Under the terms of the indenture governing the 2022 Notes, the company has a 30-day grace period after the interest payment date before an event of default occurs. Paragon believes it is in the best interests of all stakeholders, including equity holders, to use the grace period to continue to engage in discussions with its secured and unsecured debtholders related to alternatives to improve Paragon's long-term capital structure.

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