New Chapter 11 Filing - Prospector Offshore Drilling S.a r.l.

Prospector Offshore Drilling S.a r.l.

  • 7/20/17 Recap: So that was fast. Like lightening fast. Like if you blinked you may have missed it. Just two days ago Paragon Offshore emerged from bankruptcy and one of the debtors, Paragon Offshore plc, continues down the road of administration. But now it's effectively in bankruptcy again because of feasibility. No, no, just kidding on that. That would be TOO crazy. The issue here pertains to sale leaseback agreements with third-party lessors affiliated with SinoEnergy Capital Management Ltd. and related forbearance agreements that were entered into pre-bankruptcy to keep certain subsidiary entities out of the prior proceeding. Those subsidiaries are debtors here. The debtors intend to use the "breathing spell" provided by the bankruptcy automatic stay to negotiate a resolution to the disputes under the agreements with the third-party lessors. 
  • Jurisdiction: D. of Delaware
  • Company Professionals:
    • Legal: Weil Gotshal & Manges LLP (Gary Holtzer, Stephen Youngman, Christopher Lopez, Jessica Liou, Alfredo Perez, Clifford Carlson, Patrick Thompson) & (local) Richards Layton & Finger PA (Mark Collins, Amanda Steele)
    • Financial Advisor: AlixPartners LLP
    • Investment Banker: Lazard Freres & Co. LLC
    • Claims Agent: KCC (*click on company name above for free docket access)

Updated 8/8/17