PGN(pq) totally disconnected from day to day oil story; only has to do with management since Noble spinoff, as pure play offshore, ability to emerge as best in breed, solid balance sheet company which will likely return to NYSE, from whence it came. Meaning price will certainly be higher later than now. IMO bankruptcy is already drawn up and fine print agreed to so obvious, some will protest. The court will certainly not waste it's time to second guess when voted for by creditors going in with a plan where most interested parties get the best chance to get paid, and best chance to preserve the company and all it's jobs and contributions to the economy, so on, all imo.
"...Paragon entered Chapter 11 with a plan support agreement in hand backed by lenders of 96 percent of its revolving credit facility and 77 percent of its senior notes...In court Wednesday, an attorney for the revolver's agent, JP Morgan Chase & Co., said that since Paragon filed, support for the plan from its constituency was approaching 100 percent, with only minor administrative issues to iron out...Under the proposed plan, current equity holders will own 65 percent of Paragon after confirmation, with bondholders trading $984 million for the remaining 35 percent of equity and $384 million in cash...Revolving credit lenders are slated to get a $165 million payment in exchange for loan agreement modifications, including conversion of revolving credit debt into a term loan due in 2021, about two years later than pre-bankruptcy due dates, according to court records..."
from law360.com
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