LRC was retained as co-counsel to JPMorgan in connection with the chapter 11 bankruptcy of Paragon Offshore PLC and its affiliates (“Paragon”). Paragon is a global provider of offshore drilling rigs, operating a fleet consisting of 34 jackup rigs, 4 drillships, and 2 semisubmersibles. As of the date of its bankruptcy filing, Paragon had over $1.4 billion in secured debt obligations and over $1 billion in unsecured financing obligations. JPMorgan was the prepetition agent for a secured revolving line of credit with an outstanding aggregate principal amount of over $708 million. LRC has advised JPMorgan in connection with (a) the negotiated plan support agreement; (b) Paragon’s use of JPMorgan’s cash collateral; and (c) litigation related to Paragon’s disclosure statement and plan of reorganization.
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