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$16M Ch. 11 Deal Ends Paragon-SinoEnergy Rig Dispute

Law360, Wilmington (March 5, 2018, 8:09 PM EST) -- A $16.5 million settlement approved in Delaware bankruptcy court Monday freed two drilling rigs stranded in Chapter 11 by a dispute between Paragon Offshore PLC and SinoEnergy Capital Management Ltd., which bought the rigs and leased them back to Paragon in 2015.

Judge Christopher S. Sontchi’s approval of the deal was followed by immediate dismissal of the case of Prospector Offshore Drilling SARL, formed in July 2017 to keep the two harsh-duty rigs in Chapter 11 when the rest of Paragon's plan took effect.

The settlement...
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