Item 8.01 Other Information.
As previously reported, on February 14, 2016, the Company and certain of its subsidiaries (collectively, the “
Debtors
”) filed voluntary petitions for relief under chapter 11 of the United States Bankruptcy Code in the Bankruptcy Court.
As previously reported, on January 18, 2017, the Company reached an agreement in principle with a steering committee of lenders under Paragon’s Senior Secured Revolving Credit Agreement maturing July 2019 (the “
Revolver Lenders
”) and an ad hoc committee of lenders under Paragon’s Senior Secured Term Loan Agreement maturing July 2021 (the “
Term Lenders
,” and together with the Revolver Lenders, the “
Secured Lenders
”) to support a new chapter 11 plan of reorganization for the Debtors (the “
Prior Plan
”). As previously reported, on February 7, 2017, the Company filed the Prior Plan and related disclosure statement with the Bankruptcy Court.
As disclosed above, on April 21, 2017, following further discussions with the Secured Lenders, the Company filed the New Plan and related disclosure statement with the Bankruptcy Court. The New Plan makes certain modifications to the Prior Plan, among other changes, to: (i) no longer seek approval of the Noble Settlement Agreement; (ii) provide for a combined class of general unsecured creditors, including the Company’s 6.75% senior unsecured notes maturing July 2022 and 7.25% senior unsecured notes maturing August 2024; and (iii) provides for the post-emergence wind-down of certain of the Debtors’ dormant subsidiaries and discontinued businesses.
Cautionary Note Regarding Forward-Looking Statements
This release contains forward-looking statements that involve certain risks, uncertainties and assumptions. These include but are not limited to risks associated with the Company’s reorganization, the ability of the Company to implement the transaction contemplated by the New Plan in Bankruptcy Court, the general nature of the oil and gas industry, actions by regulatory
authorities, customers and other third parties, and other factors detailed in the “
Risk Factors
” section of the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2016, and in its other filings with the United States Securities and Exchange Commission (the “
SEC
”), which are available free of charge on the SEC’s website at www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated.