In In re Paragon Offshore, Case No. 16-10386 (CSS) (Bankr. D. Del. Feb. 21, 2017), the U.S. Bankruptcy Court for the District of Delaware denied the Official Committee of Unsecured Creditors’ (the creditors’ committee) of Paragon Offshore PLC and its affiliated debtors-in-possession (collectively, the debtors) request to reconsider and modify a final cash collateral order of the Bankruptcy Court almost one year after its entry.
The issue arose following the appointment of the creditors’ committee by the Office of the U.S. Trustee for the District of Delaware nearly a year after the debtors filed petitions for relief under Chapter 11 of Title 11 of the U.S. Code (as amended or modified, the Bankruptcy Code). When the debtors commenced their bankruptcy cases, they filed a “prepackaged” plan of reorganization that was supported by over two-thirds in amount of the debtors’ unsecured noteholders and over two-thirds in outstanding principal amount of their secured revolving bank loans. Ultimately, the Bankruptcy Court denied confirmation of the plan supported by the noteholders. After denial of such plan, the debtors proposed a further amended plan that no longer enjoyed the noteholders’ support.
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