Paragon Offshore plc (fka PGNPQ)

[WiseTrader]

nothing about commons! AGREEMENT CLEARS PATH TO JUNE CONFIRMATION

Term Lenders and Revolver Lenders to receive pro rata shares of $410 million in cash, 50% of new common equity, and new term debt of $85 million
Unsecured Noteholders to receive $105 million in cash and 50% of new common equity
No settlement with Noble Corporation; $10 million litigation trust established; proceeds beyond $10 million to be split 75% to Unsecured Noteholders and 25% to Secured Lenders
Paragon expects confirmation in early June and emergence from chapter 11 over the summer