- Paragon Offshore (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.