Paragon Offshore plc (fka PGNPQ)

[Pisd]

On August 16, 2016 , a hearing will be held in the U.S. Bankruptcy Court to approve the Supplement. Assuming the Supplement is approved by the court, the company will begin solicitation of the Revolver Lenders and Bondholders to approve the Revised Plan. Because this is a revision to the Original Plan, this solicitation is considered a continuance of the original vote and only those holders of record as of April 6, 2016 will be entitled to vote on the Revised Plan. More than 99% of the Bondholders and 100% of the Revolver Lenders voted to approve the Original Plan.

A hearing is scheduled for September 8, 2016 for the court to hear further testimony regarding the Noble Settlement. The confirmation hearing is expected to resume on September 27, 2016 and conclude by the end of September, after which the judge is expected to make his ruling. Paragon expects to emerge from its bankruptcy process in October.

“We believe the changes we have made in the Revised Plan increase the likelihood that our restructuring plan will be confirmed, which will allow us to quickly complete the restructuring process as a company well-positioned to create long-term shareholder value.” - Randall D. Stilley , President and CEO of Paragon