You can get most of your questions answered from the documents on this page. http://www.paragonoffshore.com/Restructuring/default.aspx They modifed the plan and it is explained in this document. http://s2.q4cdn.com/676528692/files/doc_downloads/Restructuring/august/PGN-Final-Revised-Plan-Press-Release.pdf Common equity to be retained by existing shareholders Original Plan 65% Revised Plan 53% JML