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@MFO Members: Here's why ! Regards, Ted Paragon Offshore (OTCQX:PGNPF +146%) says it has reached an agreement with creditors to restructure its $2.7B of debt, and plans to file for Chapter 11 bankruptcy by Sunday.
PGN says the plan will allow it to reduce more than $1.1B of debt and loosen some covenants.
Noble Corp. (NE +8.3%), PGN’s former parent, says it reached an agreement that would release it from all claims related to the 2014 spinoff.
Hi @hank Well, based upon sniffing around, Paragon will file bankruptcy papers this weekend. The 52 week high for this company was at 3.14/share in February of 2015 and is indicated to close around $.40/share today. About $1.1 billion of debt will be "shuffled" for properly pricing...............ah, okay. So, big price pop; but who is the buyer, assuming a whatever factor. Lastly, pricing is in EURO...............
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Regards,
Ted
Paragon Offshore (OTCQX:PGNPF +146%) says it has reached an agreement with creditors to restructure its $2.7B of debt, and plans to file for Chapter 11 bankruptcy by Sunday.
PGN says the plan will allow it to reduce more than $1.1B of debt and loosen some covenants.
Noble Corp. (NE +8.3%), PGN’s former parent, says it reached an agreement that would release it from all claims related to the 2014 spinoff.
Well, based upon sniffing around, Paragon will file bankruptcy papers this weekend.
The 52 week high for this company was at 3.14/share in February of 2015 and is indicated to close around $.40/share today. About $1.1 billion of debt will be "shuffled" for properly pricing...............ah, okay.
So, big price pop; but who is the buyer, assuming a whatever factor.
Lastly, pricing is in EURO...............
https://eresearch.fidelity.com/eresearch/evaluate/news/basicNewsStory.jhtml?symbols=PGNPF&storyid=201602121305DOWJONESDJONLINE000535&provider=DOWJONES&product=DJONLINE&sb=1
Stay warm................
Catch