Paragon Offshore Plc - 2016-02-16

Began pre-negotiated Chapter 11 bankruptcy after not making a bond interest payment due Jan. 15, triggering a 30-day grace period before default. Company reached a restructuring agreement with its debtholders to reduce debt by more than $1.1 billion. Filed an 8-K form with the Securities and Exchange Commission. Kurtzman Carson Consultants is claims agent. Lazard Ltd. and Weil, Gotshal & Manges LLP are advisers on capital structure strategic alternatives.