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; and (d) two contested plan confirmation hearings. Following Paragon’s failed attempts to get its contested plans confirmed, LRC participated in a judicial mediation mediated by Judge Kevin Carey on behalf of JPMorgan along with Paragon’s other key constituents, where a global deal was reached. During this time LRC continued to advise JPMorgan in connection with Paragon’s continued use of JPMorgan’s cash collateral. Ultimately, the global deal reached at the judicial mediation set the framework for Paragon’s fifth plan of reorganization, which was confirmed on June 7, 2017 and went effective on July 18, 2017.
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