As part of its restructuring plan, Paragon Offshore has executed an amendment with 100% of the lenders under Paragon’s senior secured revolving credit agreement and holders of approximately 69% of the principal amount of Paragon’s 6.75% senior unsecured notes maturing July 2022 and 7.25% senior unsecured notes maturing August 2024.

As previously reported, on August 5, 2016, Paragon had reached an agreement in principle with the Bondholders and a steering committee of the Revolver Lenders with respect to the Amended PSA.

According to a related 8K filing, J.P. Morgan Securities, Deutsche Bank Securities and Barclays served as joint lead arrangers and joint lead bookrunners for the revolver.

“We’re pleased that we’ve received definitive support for our Revised Plan,” said Randall D. Stilley, president and CEO of Paragon. “Our next milestone is to seek approval of the supplement to our disclosure statement at our hearing on August 16th before appearing before the court at the end of September to continue presenting our case. With the support of our Bondholders and Revolver Lenders, we remain confident that our restructuring plan will be approved. Our goal is to emerge from chapter 11 quickly as soon as we receive approval and turn our full attention once more to creating long-term shareholder value.”

Weil, Gotshal & Manges is serving as legal counsel to Paragon, and Lazard is serving as financial advisor.