EX-99.1 2 a17-14510_1ex99d1.htm EX-99.1

Exhibit 99.1

 

UNITED STATES BANKRUPTCY COURT

FOR THE DISTRICT OF DELAWARE

 

In re Paragon Offshore PLC, et al.

 

 

 

 

Case No. 16-10386 (CSS)

 

Reporting Period:

April 1 - 30, 2017

 

Federal Tax I.D. #

98-1146017

 

 

 

 

 

MONTHLY OPERATING REPORT

 

 

 

 

 

 

 

REQUIRED DOCUMENTS

 

 

Form No.

Document Attached

Explanation Attached

Schedule of Cash Receipts and Disbursements

MOR-1

X

 

Bank Reconciliation (or copies of Debtors’ bank reconciliations)

MOR-1a

 

X

Schedule of Professional Fees Paid

MOR-1b

X

 

Budget to Actual Consolidated Cash Flow Variance Report

MOR-1c

X

 

Copies of Bank Statements (See Notes to the MOR)

 

 

X

Cash Disbursement Journals (See Notes to the MOR)

 

 

X

Statement of Operations (Income Statement)

MOR-2

X

 

Balance Sheet

MOR-3

X

 

Status of Post-Petition Taxes (See Notes to the MOR)

MOR-4

X

 

Copies of IRS Form 6123 or payment receipt (See Notes to the MOR)

 

 

X

Copies of tax returns filed during reporting period (See Notes to the MOR)

 

 

X

Summary of Unpaid Post-Petition Debts (See Notes to the MOR)

MOR-4

X

 

Accounts Receivable Reconciliation and Aging (See Notes to the MOR)

MOR-5

X

 

Debtor Questionnaire (See Notes to the MOR)

MOR-5

X

 

 

I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief.

 

 

 

/s/ A. Alejandra Veltmann

 

6/1/2017

 

Signature of Authorized Individual*

Date

 

 

 

 

A. Alejandra Veltmann

 

V.P. - Chief Accounting Officer

 

Printed Name of Authorized Individual

Title of Authorized Individual

 

 

*Authorized individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor is a partnership; a manager or member if debtor is a limited liability company.

 


 

MOR Notes

 

 

In re Paragon Offshore PLC, et al.

 

 

 

Case No. 16-10386 (CSS)

 

Reporting Period:

April 1 - 30, 2017

 

Federal Tax I.D. #

98-1146017

 

 

Notes to the Monthly Operating Report

 

 

GENERAL:

The report includes activity from the following Debtors and related Case Numbers:

 

Debtor

Case Number

Paragon Offshore Drilling LLC

16-10385

Paragon Offshore plc

16-10386

Paragon Drilling Services 7 LLC

16-10387

Paragon Offshore Finance Company

16-10388

Paragon Offshore Leasing (Switzerland) GmbH

16-10389

Paragon Offshore do Brasil Ltda.

16-10390

Paragon International Finance Company

16-10391

Paragon Asset (ME) Ltd.

16-10392

Paragon Offshore Holdings US Inc.

16-10393

Paragon Asset (UK) Ltd.

16-10394

Paragon FDR Holding Ltd.

16-10395

Paragon Offshore International Ltd.

16-10396

Paragon Offshore (North Sea) Ltd.

16-10397

Paragon Duchess Ltd.

16-10398

Paragon (Middle East) Limited

16-10399

Paragon Offshore (Luxembourg) S.a r.l.

16-10400

Paragon Holding NCS 2 S.a r.l.

16-10401

Paragon Leonard Jones LLC

16-10402

PGN Offshore Drilling (Malaysia) Sdn. Bhd.

16-10403

Paragon Offshore (Nederland) B.V.

16-10404

Paragon Offshore Contracting GmbH

16-10405

Paragon Offshore (Labuan) Pte. Ltd.

16-10406

Paragon Holding SCS 2 Ltd.

16-10407

Paragon Asset Company Ltd.

16-10408

Paragon Holding SCS 1 Ltd.

16-10409

Paragon Offshore Leasing (Luxembourg) S.a r.l.

16-10410

 

General Notes:

 

The financial and supplemental information contained herein are preliminary, unaudited, and may not comply in all material respects with generally accepted accounting principles in the United States of America (“U.S. GAAP”).  Individual Debtor entities are presented in the accompanying statement of operations.

 

The financial information has been derived from the books and records of the Debtors.  This information, however, has not been subject to certain procedures that would typically be applied to financial information in accordance with U.S. GAAP, and upon application of such procedures, the Debtors believe that the financial information could be subject to changes, which could be material.

 

The financial information contained herein is presented on a preliminary and unaudited basis and remains subject to future adjustments.

 

The results of operations contained herein are not necessarily indicative of results which may be expected for any other period or for the full year and may not necessarily reflect the combined results of operations and financial position of the Debtors in the future.

 


 

MOR Notes

 

In re Paragon Offshore PLC, et al.

 

 

 

Case No. 16-10386 (CSS)

 

Reporting Period:

April 1 - 30, 2017

 

Federal Tax I.D. #

98-1146017

 

 

Notes to the Monthly Operating Report

 

 

General Notes (cont’d):

 

Receivables and payables among the Debtors and between the Debtors and Non-Debtors have not been eliminated from the Statement of Operations (Income Statements) or Balance Sheets contained herein. No conclusion as to the legal obligation related to these intercompany transactions is made by the presentation herein. As a result, the completeness and accuracy of this information is undetermined.

 

Certain amounts may appear to be clerically inaccurate as they are presented in thousands and are subject to rounding differences. Certain amounts in prior filings have been reclassified to conform to the current filing presentation.

 

Notes to MOR-1 and MOR-1a:

 

Cash receipts and disbursements have been assigned to the Debtor entity they relate to rather than the Debtor that received / made the payment. Such movements may therefore not reflect the movement in individual Debtor bank accounts.

 

Attached to MOR-1 is a listing of the Debtors’ bank accounts (see MOR-1a), by account number, and opening and closing bank balances for the reporting period. The listing includes certain accounts that have subsequently been closed during the post petition period. The accounts have been reconciled in accordance with the Debtors’ ordinary course accounting practices during the reporting period.  The disbursements reported in MOR-1 include outstanding checks and any reconciling items.

 

Non-Debtor Paragon Offshore Services LLC made, among other things, certain payments to the Debtors’ professionals and secured lenders approved under prior orders of the Court.  All such amounts were reconciled by intercompany payables from the Debtors’ accounts to the non-Debtors’ accounts.

 

Notes to MOR-1b:

 

Payments of Professional Fees to retained professionals were made during the period. Total paid in the month and to date is disclosed in MOR-1b.

 

Notes to MOR-1c:

 

Paragon does not prepare cash flows on an individual entity basis. Attached at MOR-1c is a consolidated cash flow including comparison to budget. The cash flows are prepared at weekly rests and do not reflect performance per calendar month.

 

The “Professional Fees” listed in MOR-1c include payments made to professionals representing the Agent for the Revolver Lenders and the Agent for the Term Loan Lenders in accordance with the Final Order (I) Authorizing the Debtors to Utilize Cash Collateral; and (II) Granting JPMorgan Chase Bank, N.A., as Administrative Agent for the Revolver Lenders and Collateral Agent for the Revolver Lenders and Term Loan Lenders, and Cortland Capital Market Services L.L.C., as Successor Administrative Agent for the Term Loan Lenders, Adequate Protection Pursuant to Sections 105, 361, 362, 363 and 507 of the Bankruptcy Code (D.I. No. 140).

 

Notes to MOR-2 and MOR-3:

 

The financial information for April 2017 contained herein is presented on a preliminary and unaudited basis and remains subject to future adjustments. Certain amounts in prior filings have been reclassified to conform to the current filing presentation.

 

Accounts Receivable and Accounts Payable may include intercompany balances among the Debtors, and between the Debtors and Non-Debtors. See General Notes regarding elimination of these balances.

 


 

MOR Notes

 

In re Paragon Offshore PLC, et al.

 

 

 

Case No. 16-10386 (CSS)

 

Reporting Period:

April 1 - 30, 2017

 

Federal Tax I.D. #

98-1146017

 

 

Notes to the Monthly Operating Report

 

 

Notes to MOR-4:

 

The post-petition tax activity presented includes pre-and post- petition tax liabilities. The closing tax position disclosed in MOR-4 (March 2017) may not equate with the opening balances in MOR-4 (April 2017) due to ordinary course adjustments/reclassifications of certain tax liabilities after the March 2017 MOR was filed.

 

To the best of the Debtors’ knowledge, and except as otherwise set forth in this Monthly Operating Report, all of the Debtors have filed all necessary federal, state and local tax returns and have timely made (or are in the process of remediating any immaterial late filings or prepayments) all related required post-petition tax payments.

 

Notes to MOR-5:

 

Accounts Receivable information included in MOR-5 excludes intercompany balances among the Debtors, and between the Debtors and Non-Debtors. See General Notes regarding these balances.

 

Earned revenue is considered “billed” to the customer on the date for which the invoice is physically mailed or electronically delivered to the customer.

 

“Unbilled” Accounts Receivable consists of any earned revenue item which has not been billed to the customer.

 

Notes to MOR-5 Debtor Questionnaire:

 

Question #2 -

The Debtors have disbursed funds from certain non-Debtor accounts in accordance with the Final Order (I) Authorizing Debtors to (A) Continue Existing Cash Management System, (B) Maintain Business Forms and Existing Bank Accounts, and (C) Continue Intercompany Arrangements; (II) Waiver of the Requirements of Section 345(b) of the Bankruptcy Code; and (III) Granting Related Relief [D.I. No. 236].

 

Documentation is available upon request.

 


 

MOR-1

 

In re Paragon Offshore PLC, et al.

 

 

 

 

 

 

 

 

 

 

 

 

Case No. 16-10386 (CSS)

 

 

 

 

 

Reporting Period:

April 1 - 30, 2017

 

 

 

 

 

Federal Tax I.D. #

98-1146017

 

 

 

 

 

 

 

 

Schedule of Cash Receipts and Disbursements

(000’s)

 

 

 

 

 

 

See Notes to the MOR related to MOR-1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debtor

 

 

Case Number

 

 

External
Disbursements

 

 

Intercompany
Disbursements to
Non-Debtors

 

 

Non Debtor on Behalf of
Debtors

 

 

Total Disbursements

 

 

Cash Receipts

 

Paragon Offshore Drilling LLC

 

 

16-10385

 

 

$

(557

)

 

$

-

 

 

$

-

 

 

$

(557

)

 

$

1,088

 

Paragon Offshore plc

 

 

16-10386

 

 

(2,769

)

 

-

 

 

(5,482

)

 

(8,250

)

 

193

 

Paragon Drilling Services 7 LLC

 

 

16-10387

 

 

(67

)

 

-

 

 

-

 

 

(67

)

 

-

 

Paragon Offshore Finance Company

 

 

16-10388

 

 

(2,831

)

 

-

 

 

-

 

 

(2,831

)

 

-

 

Paragon Offshore Leasing (Switzerland) GmbH

 

 

16-10389

 

 

(15

)

 

-

 

 

-

 

 

(15

)

 

132

 

Paragon Offshore do Brasil Ltda.

 

 

16-10390

 

 

(635

)

 

-

 

 

-

 

 

(635

)

 

-

 

Paragon International Finance Company

 

 

16-10391

 

 

(23

)

 

(1,191

)

 

-

 

 

(1,215

)

 

66

 

Paragon Asset (ME) Ltd.

 

 

16-10392

 

 

(15

)

 

-

 

 

-

 

 

(15

)

 

-

 

Paragon Offshore Holdings US Inc.

 

 

16-10393

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Paragon Asset (UK) Ltd.

 

 

16-10394

 

 

(20

)

 

-

 

 

-

 

 

(20

)

 

-

 

Paragon FDR Holding Ltd.

 

 

16-10395

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Paragon Offshore International Ltd.

 

 

16-10396

 

 

(2,892

)

 

-

 

 

-

 

 

(2,892

)

 

2,495

 

Paragon Offshore (North Sea) Ltd.

 

 

16-10397

 

 

(41

)

 

-

 

 

-

 

 

(41

)

 

914

 

Paragon Duchess Ltd.

 

 

16-10398

 

 

(38

)

 

-

 

 

-

 

 

(38

)

 

-

 

Paragon (Middle East) Limited

 

 

16-10399

 

 

(634

)

 

-

 

 

-

 

 

(634

)

 

5,520

 

Paragon Offshore (Luxembourg) S.a r.l.

 

 

16-10400

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Paragon Holding NCS 2 S.a r.l.

 

 

16-10401

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Paragon Leonard Jones LLC

 

 

16-10402

 

 

(132

)

 

(2

)

 

-

 

 

(134

)

 

-

 

PGN Offshore Drilling (Malaysia) Sdn. Bhd.

 

 

16-10403

 

 

(34

)

 

-

 

 

-

 

 

(34

)

 

-

 

Paragon Offshore (Nederland) B.V.

 

 

16-10404

 

 

(1,200

)

 

(1,167

)

 

-

 

 

(2,368

)

 

-

 

Paragon Offshore Contracting GmbH

 

 

16-10405

 

 

(86

)

 

(0

)

 

-

 

 

(86

)

 

6

 

Paragon Offshore (Labuan) Pte. Ltd.

 

 

16-10406

 

 

(2

)

 

-

 

 

-

 

 

(2

)

 

-

 

Paragon Holding SCS 2 Ltd.

 

 

16-10407

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Paragon Asset Company Ltd.

 

 

16-10408

 

 

(798

)

 

-

 

 

-

 

 

(798

)

 

-

 

Paragon Holding SCS 1 Ltd.

 

 

16-10409

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Paragon Offshore Leasing (Luxembourg) S.a r.l.

 

 

16-10410

 

 

0

 

 

-

 

 

-

 

 

0

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

$

(12,791

)

 

$

(2,361

)

 

$

(5,482

)

 

$

(20,633

)

 

$

10,414

 

 


 

MOR-1a

 

 

In re Paragon Offshore PLC, et al.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Case No. 16-10386 (CSS)

 

 

 

 

Reporting Period:

April 1 - 30, 2017

 

 

 

 

Federal Tax I.D. #

98-1146017

 

Bank Reconciliation (or copies of Debtors’ bank reconciliations)

(000’s)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See Notes to the MOR related to MOR-1a

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Entity

 

 

Case Number

 

 

Bank Name

 

 

Last 4 Digits of
Account No.

 

 

Opening Account
Balance

 

Closing Account
Balance

 

 

Opening Cash
Book

 

Closing Cash
Book

 

 

Paragon Offshore Drilling LLC

 

16-10385

 

 

 

 

 

   $

-    

   $

-    

 

   $

-    

   $

-    

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Paragon Offshore plc

 

16-10386

 

 

 

Sub Total

 

344,716

345,015

 

344,835

345,000

 

 

 

16-10386

 

Wells Fargo

 

6704

 

-

-

 

-

-

 

 

 

16-10386

 

HSBC

 

9694

 

265

274

 

250

259

 

 

 

16-10386

 

Goldman Sachs

 

3774

 

332,947

333,236

 

333,081

333,236

 

 

 

16-10386

 

Bank of America

 

9069

 

11,504

11,504

 

11,504

11,504

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Paragon Drilling Services 7 LLC

 

16-10387

 

Wells Fargo

 

8977

 

-

-

 

-

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Paragon Offshore Finance Company

 

16-10388

 

Wells Fargo

 

2257

 

-

-

 

-

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Paragon Offshore Leasing (Switzerland) GmbH

 

16-10389

 

 

 

Sub Total

 

57

42

 

(77)

106

 

 

 

16-10389

 

HSBC

 

3991

 

8

8

 

8

8

 

 

 

16-10389

 

UBS

 

701L

 

49

35

 

(85)

98

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Paragon Offshore do Brasil Ltda.

 

16-10390

 

 

 

Sub Total

 

4,403

3,816

 

4,280

3,652

 

 

 

16-10390

 

Banco Itau

 

4000

 

4,320

3,737

 

4,273

3,649

 

 

 

16-10390

 

Banco Bradesco

 

7775

 

4

4

 

4

-

 

 

 

16-10390

 

Banco Itau

 

5004

 

79

75

 

3

3

 

 

 

16-10390

 

 

 

Petty Cash

 

 

 

 

-

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Paragon International Finance Company

 

16-10391

 

 

 

Sub Total

 

139,592

128,436

 

139,883

128,290

 

 

 

16-10391

 

JPMorgan Chase

 

4670

 

-

-

 

-

-

 

 

 

16-10391

 

Wells Fargo

 

4240

 

404

181

 

567

101

 

 

 

16-10391

 

Wells Fargo

 

7219

 

-

-

 

-

-

 

 

 

16-10391

 

Wells Fargo

 

7201

 

45

8

 

107

7

 

 

 

16-10391

 

Wells Fargo

 

7227

 

0

17

 

-

-

 

 

 

16-10391

 

Wells Fargo

 

7235

 

-

-

 

-

-

 

 

 

16-10391

 

Wells Fargo

 

4355

 

-

-

 

-

-

 

 

 

16-10391

 

Wells Fargo

 

1100

 

-

-

 

45

37

 

 

 

16-10391

 

Goldman Sachs

 

3880

 

38,100

38,135

 

38,116

38,135

 

 

 

16-10391

 

Bank of America

 

9959

 

4,544

4,470

 

4,551

4,302

 

 

 

16-10391

 

Bank of America

 

4356

 

370

370

 

370

370

 

 

 

16-10391

 

Bank of America

 

7633

 

92,353

82,401

 

92,353

82,401

 

 

 

16-10391

 

Wells Fargo

 

9936

 

-

-

 

(20)

(20)

 

 

 

16-10391

 

Bank of America

 

1478

 

-

-

 

58

58

 

 

 

16-10391

 

Bank of America

 

3463

 

3,700

2,837

 

3,655

2,878

 

 

 

16-10391

 

Bank of America

 

9016

 

76

17

 

81

22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Paragon Asset (ME) Ltd.

 

16-10392

 

 

 

 

 

-

-

 

-

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Paragon Offshore Holdings US Inc.

 

16-10393

 

 

 

 

 

-

-

 

-

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Paragon Asset (UK) Ltd.

 

16-10394

 

 

 

 

 

-

-

 

-

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Paragon FDR Holding Ltd.

 

16-10395

 

Wells Fargo

 

3867

 

-

-

 

-

-

 

 


 

MOR-1a

 

 

In re Paragon Offshore PLC, et al.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Case No. 16-10386 (CSS)

 

 

 

 

Reporting Period:

April 1 - 30, 2017

 

 

 

 

Federal Tax I.D. #

98-1146017

 

Bank Reconciliation (or copies of Debtors’ bank reconciliations)

(000’s)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See Notes to the MOR related to MOR-1a

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Entity

 

 

Case Number

 

 

Bank Name

 

 

Last 4 Digits of
Account No.

 

 

Opening Account
Balance

 

Closing Account
Balance

 

 

Opening Cash
Book

 

Closing Cash
Book

 

 

Paragon Offshore International Ltd.

 

16-10396

 

 

 

Sub Total

 

795

682

 

881

703

 

 

 

16-10396

 

HSBC

 

-001

 

0

0

 

0

0

 

 

 

16-10396

 

HSBC

 

5110

 

6

6

 

6

6

 

 

 

16-10396

 

HSBC

 

6490

 

17

-

 

17

-

 

 

 

16-10396

 

HSBC

 

6500

 

1

-

 

1

-

 

 

 

16-10396

 

Ecobank

 

9901

 

-

-

 

-

-

 

 

 

16-10396

 

CCEI Bank GE Malabo

 

0000

 

9

9

 

-

-

 

 

 

16-10396

 

Standard Charter

 

2501

 

299

299

 

299

299

 

 

 

16-10396

 

HSBC

 

4001

 

94

342

 

93

342

 

 

 

16-10396

 

Bank of America

 

1012

 

-

-

 

-

-

 

 

 

16-10396

 

Wells Fargo

 

0570

 

-

-

 

7

(0)

 

 

 

16-10396

 

Bank of America

 

7773

 

369

8

 

397

16

 

 

 

16-10396

 

Wells Fargo

 

4872

 

-

-

 

43

7

 

 

 

16-10396

 

Bank of America

 

7227

 

0

17

 

0

17

 

 

 

16-10396

 

 

 

Petty Cash

 

-

-

 

17

15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Paragon Offshore (North Sea) Ltd.

 

16-10397

 

 

 

 

 

-

-

 

-

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Paragon Duchess Ltd.

 

16-10398

 

 

 

 

 

-

-

 

-

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Paragon (Middle East) Limited

 

16-10399

 

 

 

 

 

-

-

 

-

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Paragon Offshore (Luxembourg) S.a r.l.

 

16-10400

 

 

 

Sub Total

 

-

-

 

-

-

 

 

 

16-10400

 

Wells Fargo

 

8969

 

-

-

 

-

-

 

 

 

16-10400

 

Wells Fargo

 

1728

 

-

-

 

-

-

 

 

 

 

 

 

 

 

 

 

 

 

 

-

 

Paragon Holding NCS 2 S.a r.l.

 

16-10401

 

Wells Fargo

 

5235

 

-

-

 

-

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Paragon Leonard Jones LLC

 

16-10402

 

 

 

Sub Total

 

124

114

 

124

114

 

 

 

16-10402

 

Wells Fargo

 

8256

 

-

-

 

(0)

-

 

 

 

16-10402

 

Wells Fargo

 

8032

 

-

-

 

-

-

 

 

 

16-10402

 

HSBC

 

3350

 

2

2

 

2

2

 

 

 

16-10402

 

HSBC

 

7021

 

5

1

 

5

1

 

 

 

16-10402

 

Bank of America

 

8378

 

29

28

 

29

28

 

 

 

16-10402

 

Bank of America

 

3492

 

89

82

 

89

82

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PGN Offshore Drilling (Malaysia) Sdn. Bhd.

 

16-10403

 

 

 

Sub Total

 

40

40

 

156

128

 

 

 

16-10403

 

Wells Fargo

 

3875

 

-

-

 

-

-

 

 

 

16-10403

 

Standard Charter

 

0775

 

40

40

 

156

128

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Paragon Offshore (Nederland) B.V.

 

16-10404

 

 

 

Sub Total

 

2,286

1,842

 

2,415

1,967

 

 

 

16-10404

 

Wells Fargo

 

2286

 

-

-

 

-

-

 

 

 

16-10404

 

Wells Fargo

 

1106

 

40

3

 

39

3

 

 

 

16-10404

 

Barclays

 

6254

 

424

438

 

550

550

 

 

 

16-10404

 

ABN AMRO

 

NL2A

 

1,227

1,369

 

1,226

1,378

 

 

 

16-10404

 

Bank of America

 

0016

 

76

9

 

77

23

 

 

 

16-10404

 

Bank of America

 

0024

 

28

6

 

28

(6)

 

 

 

16-10404

 

Bank of America

 

3476

 

491

15

 

494

18

 

 

 

16-10404

 

Bank of America

 

7760

 

-

-

 

-

-

 

 

 

16-10404

 

 

 

Petty Cash

 

-

-

 

-

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

MOR-1a

 

 

In re Paragon Offshore PLC, et al.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Case No. 16-10386 (CSS)

 

 

 

 

Reporting Period:

April 1 - 30, 2017

 

 

 

 

Federal Tax I.D. #

98-1146017

 

Bank Reconciliation (or copies of Debtors’ bank reconciliations)

(000’s)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See Notes to the MOR related to MOR-1a

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Entity

 

 

Case Number

 

 

Bank Name

 

 

Last 4 Digits of
Account No.

 

 

Opening Account
Balance

 

Closing Account
Balance

 

 

Opening Cash
Book

 

Closing Cash
Book

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Paragon Offshore Contracting GmbH

 

16-10405

 

 

 

Sub Total

 

2,640

2,505

 

2,642

2,506

 

 

 

16-10405

 

Wells Fargo

 

8002

 

-

-

 

(0)

-

 

 

 

16-10405

 

Wells Fargo

 

2377

 

-

-

 

-

-

 

 

 

16-10405

 

Wells Fargo

 

8788

 

-

-

 

-

-

 

 

 

16-10405

 

Banamex

 

8876

 

1,704

1,567

 

1,705

1,567

 

 

 

16-10405

 

Banamex

 

4010

 

680

665

 

680

665

 

 

 

16-10405

 

UBS

 

403W

 

16

16

 

16

16

 

 

 

16-10405

 

Bank of America

 

8556

 

214

213

 

214

213

 

 

 

16-10405

 

Bank of America

 

3489

 

27

45

 

27

45

 

 

 

16-10405

 

 

 

Petty Cash

 

 

 

 

-

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Paragon Offshore (Labuan) Pte. Ltd.

 

16-10406

 

 

 

Sub Total

 

1,181

1,179

 

1,181

1,179

 

 

 

16-10406

 

Wells Fargo

 

7995

 

-

-

 

-

-

 

 

 

16-10406

 

HSBC

 

-101

 

14

12

 

14

12

 

 

 

16-10406

 

HSBC

 

-725

 

1,168

1,168

 

1,168

1,168

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Paragon Holding SCS 2 Ltd.

 

16-10407

 

 

 

 

 

-

-

 

-

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Paragon Asset Company Ltd.

 

16-10408

 

 

 

 

 

-

-

 

-

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Paragon Holding SCS 1 Ltd.

 

16-10409

 

 

 

 

 

-

-

 

-

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Paragon Offshore Leasing (Luxembourg) S.a r.l.

 

16-10410

 

 

 

Subtotal

 

1,166

1,183

 

1,168

1,187

 

 

 

16-10410

 

Wells Fargo

 

6362

 

-

-

 

-

-

 

 

 

16-10410

 

BCEE

 

8000

 

1,166

1,183

 

1,168

1,187

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Total

 

 

 

 

 

$

497,001

$

484,854

 

$

497,489

$

484,832

 

 


 

MOR-1b

 

In re Paragon Offshore PLC, et al.

 

 

 

 

 

 

 

 

 

Case No. 16-10386 (CSS)

 

 

 

 

Reporting Period:

April 1 - 30, 2017

 

 

 

 

Federal Tax I.D. #

98-1146017

 

 

 

 

 

 

 

Schedule of Professional Fees Paid

(000’s)

 

Of the total disbursements shown on the Schedule of Disbursements Report (MOR-1) list the amount paid to Retained Professionals.

See Notes to the MOR related to MOR-1b

 

Retained Professionals

 

 

 

 

 

 

 

Name

 

 

Amount Paid During Month

 

 

Total Paid to Date

 

Weil, Gotshal & Manges LLP

 

 

$

-

 

$

8,600

Richards, Layton & Finger, PA

 

 

64

 

869

AlixPartners LLP

 

 

390

 

4,552

Lazard, Freres & Co LLC

 

 

-

 

1,470

Norton Rose Fulbright US LLP

 

 

-

 

354

KCC

 

 

-

 

826

Total Payments to Professionals

 

 

$

454

 

$

16,671

 


 

MOR-1c

 

In re Paragon Offshore PLC, et al.

 

 

 

 

 

 

 

Case No. 16-10386 (CSS)

 

Reporting Period:

April 1 - 30, 2017

 

Federal Tax I.D. #

98-1146017

 

Paragon Offshore PLC, et al

Budget to Actual Consolidated Cash Flow Variance Report

(000’s)

 

 

 

See Notes to the MOR related to MOR-1c

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Variance

 

4/01/16 - 04/28/17

 

Budget

 

Actual

 

F/(U)

 

 

 

 

 

 

 

 

 

Total Receipts

 

14,379

 

10,379

 

(4,000

)

 

 

 

 

 

 

 

 

Total Operating Disbursements

 

(10,349

)

(5,468

)

4,881

 

Total Capital Expenditures

 

(3,487

)

(17

)

3,470

 

Total Payroll & Benefits

 

(3,450

)

(4,041

)

(591

)

Total Other

 

(521

)

(551

)

(29

)

 

 

 

 

 

 

 

 

Total I/C Disbursements to Non Debtor Entities

 

(10,651

)

(10,058

)

593

 

 

 

 

 

 

 

 

 

Total Disbursements

 

(28,457

)

(20,134

)

8,323

 

 

 

 

 

 

 

 

 

Net Operating Cash Flow

 

(14,079

)

(9,755

)

4,323

 

 

 

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

 

Utility Deposits

 

-      

 

-      

 

-      

 

Other

 

-      

 

-      

 

-      

 

Total Deposits

 

-      

 

-      

 

-      

 

 

 

 

 

 

 

 

 

Total Debt Service

 

(1,193

)

(4,928

)

(3,736

)

Total Professional Fees

 

(8,045

)

(2,827

)

5,218

 

 

 

 

 

 

 

 

 

Total Non-Operating Disbursements

 

(9,238

)

(7,756

)

1,482

 

 

 

 

 

 

 

 

 

Net Cash Flow

 

(23,316

)

(17,511

)

5,806

 

 

 

 

 

 

 

 

 

Debtor Ending Cash Balance - Encumbered

 

126,035

 

140,161

 

14,126

 

Debtor Cash Balance - Unencumbered

 

344,586

 

344,741

 

155

 

Total Debtor Cash Balance

 

470,621

 

484,902

 

14,281

 

 

 

 

 

 

 

 

 

Non Debtor Ending Cash Balance

 

368,676

 

350,981

 

(17,695

)

Total Debtor & Non Debtor Ending Cash Balance

 

839,297

 

835,884

 

(3,414

)

 


 

In re Paragon Offshore PLC, et al.

MOR-2

 

 

 

 

 

 

 

 

Case No. 16-10386 (CSS)

 

Reporting Period:

April 1 - 30, 2017

 

Federal Tax I.D. #

98-1146017

 

 

Unaudited Statement of Operations (Income Statement)

(000’s)

(See Notes to the MOR related to MOR-2)

 

For Month Ending April 30, 2017

 

 

 

16-10385

16-10386

16-10387

16-10388

16-10389

16-10390

 

Paragon Offshore
Drilling LLC

Paragon
Offshore plc

Paragon Drilling
Services 7 LLC

Paragon Offshore
Finance Company

 

 

Paragon Offshore
Leasing
(Switzerland) GmbH

Paragon Offshore do
Brasil Ltda.

 

 

 

 

 

 

 

Operating Revenues

 

 

 

 

 

 

Contract Drilling Revenue

$

1,153

$

-

$

-

$

-

$

-

$

-

Reimbursable Revenues

2

-

-

-

-

21

Labor Contract Revenues

-

-

-

-

-

-

Intercompany Revenues

-

2,978

-

-

-

-

Other Revenues

-

-

-

-

-

-

Operating revenues

1,156

2,978

-

-

-

21

 

 

 

 

 

 

 

Operating Costs and Expenses

-

-

-

-

-

-

Contract Drilling Expenses

(430)

-

(152)

-

(6)

(0)

Reimbursable Expenses

(2)

-

-

-

-

(20)

Depreciation and Amortization

(579)

(6)

-

-

(334)

-

General & Administrative

-

(350)

-

-

3

-

Corporate Operations

-

-

-

-

-

-

Local Administrative Expense

(146)

-

-

-

-

(427)

Other Operating Expenses

-

(3,927)

-

-

-

-

Operating costs and expenses

(1,157)

(4,283)

(152)

-

(337)

(447)

 

-

-

-

-

-

-

Operating Income

(2)

(1,304)

(152)

-

(337)

(426)

 

 

 

 

 

 

 

Other Income (Expense)

 

 

 

 

 

 

Interest expense, net of amount capitalized

-

(2,172)

-

(3,038)

-

(2)

Interest Income

500

158

-

-

-

-

Reorganization Items

-

(5,871)

-

-

-

-

Other, net

(55)

(389)

-

-

3

86

Income before income taxes

443

(9,578)

(152)

(3,038)

(334)

(341)

Income tax provision

(49)

-

-

-

-

-

Net Income

394

(9,578)

(152)

(3,038)

(334)

(341)

 


 

In re Paragon Offshore PLC, et al.

MOR-2

 

 

 

 

 

Unaudited Statement of Operations (Income Statement)

(000’s)

(See Notes to the MOR related to MOR-2)

 

 

For Month Ending April 30, 2017

 

 

 

16-10391

16-10392

16-10393

16-10394

16-10395

16-10396

 

Paragon International
Finance Company

Paragon Asset
(ME) Ltd.

Paragon Offshore
Holdings US Inc.

Paragon Asset
(UK) Ltd.

 

 

Paragon FDR
Holding Ltd.

Paragon Offshore
International Ltd.

Operating Revenues

 

 

 

 

 

 

Contract Drilling Revenue

$

-

$

-

$

-

$

1,550

$

-

$

1,793

Reimbursable Revenues

-

-

-

61

-

102

Labor Contract Revenues

-

-

-

-

-

-

Intercompany Revenues

-

-

-

-

-

-

Other Revenues

-

-

-

-

-

-

Operating revenues

-

-

-

1,611

-

1,895

 

 

 

 

 

 

 

Operating Costs and Expenses

-

-

-

-

-

-

Contract Drilling Expenses

-

(60)

-

(426)

-

(1,216)

Reimbursable Expenses

-

-

-

(48)

-

(46)

Depreciation and Amortization

-

(356)

-

-

-

(130)

General & Administrative

(19)

-

-

-

-

-

Corporate Operations

-

-

-

-

-

(52)

Local Administrative Expense

-

-

-

14

-

(1,210)

Other Operating Expenses

-

-

(135)

(1,302)

(68)

(933)

Operating costs and expenses

(19)

(416)

(135)

(1,762)

(68)

(3,586)

 

 -

-

-

-

-

-

Operating Income

(19)

(416)

(135)

(151)

(68)

(1,691)

 

 

 

 

 

 

 

Other Income (Expense)

 

 

 

 

 

 

Interest expense, net of amount capitalized

(170)

-

-

-

-

-

Interest Income

67

-

-

-

33

-

Reorganization Items

-

-

-

-

-

-

Other, net

(103)

-

-

-

-

694

Income before income taxes

(226)

(416)

(135)

(151)

(34)

(997)

Income tax provision

-

-

-

-

-

-

Net Income

(226)

(416)

(135)

(151)

(34)

(997)

 


 

In re Paragon Offshore PLC, et al.

MOR-2

 

 

 

 

 

Unaudited Statement of Operations (Income Statement)

(000’s)

(See Notes to the MOR related to MOR-2)

 

 

For Month Ending April 30, 2017

 

 

 

16-10397

16-10398

16-10399

16-10400

16-10401

16-10402

 

Paragon Offshore
(North Sea) Ltd.

Paragon Duchess Ltd.

Paragon (Middle East)
Limited

 

 

 

Paragon Offshore
(Luxembourg) S.a r.l.

Paragon Holding
NCS 2 S.a r.l.

Paragon Leonard
Jones LLC

 

 

 

 

 

 

 

Operating Revenues

 

 

 

 

 

 

Contract Drilling Revenue

$

-

$

-

$

5,236

$

-

$

-

$

-

Reimbursable Revenues

-

-

43

-

-

-

Labor Contract Revenues

-

-

-

-

-

-

Intercompany Revenues

-

-

933

-

-

-

Other Revenues

-

-

-

-

-

-

Operating revenues

-

-

6,212

-

-

-

 

 

 

 

 

 

 

Operating Costs and Expenses

-

-

-

-

-

-

Contract Drilling Expenses

12

(36)

(1,701)

-

(49)

(2)

Reimbursable Expenses

-

-

(34)

-

-

-

Depreciation and Amortization

-

-

(3,281)

-

(71)

-

General & Administrative

-

-

-

(4)

-

-

Corporate Operations

-

-

-

-

-

-

Local Administrative Expense

(4)

-

-

-

-

(59)

Other Operating Expenses

-

-

-

-

-

(3)

Operating costs and expenses

8

(36)

(5,016)

(4)

(120)

(64)

 

-

-

-

-

-

-

Operating Income

8

(36)

1,196

(4)

(120)

(64)

 

 

 

 

 

 

 

Other Income (Expense)

 

 

 

 

 

 

Interest expense, net of amount capitalized

-

-

-

-

(532)

-

Interest Income

-

-

-

-

1

31

Reorganization Items

-

-

-

-

-

-

Other, net

(12)

(0)

-

-

-

0

Income before income taxes

(4)

(36)

1,196

(4)

(651)

(33)

Income tax provision

-

-

(148)

-

-

-

Net Income

(4)

(36)

1,048

(4)

(651)

(33)

 


 

In re Paragon Offshore PLC, et al.

MOR-2

 

 

 

 

 

Unaudited Statement of Operations (Income Statement)

(000’s)

(See Notes to the MOR related to MOR-2)

 

 

For Month Ending April 30, 2017

 

 

 

16-10403

16-10404

16-10405

16-10406

16-10407

16-10408

 

PGN Offshore Drilling
(Malaysia) Sdn. Bhd.

Paragon Offshore
(Nederland) B.V.

Paragon Offshore
Contracting GmbH

 

 

 

Paragon Offshore
(Labuan) Pte. Ltd.

Paragon Holding
SCS 2 Ltd.

Paragon Asset
Company Ltd.

 

 

 

 

 

 

 

Operating Revenues

 

 

 

 

 

 

Contract Drilling Revenue

$

-

$

-

$

-

$

-

$

-

$

-

Reimbursable Revenues

-

-

-

-

-

-

Labor Contract Revenues

-

-

-

-

-

-

Intercompany Revenues

-

992

-

-

-

-

Other Revenues

-

-

-

-

-

1,002

Operating revenues

-

992

-

-

-

1,002

 

 

 

 

 

 

 

Operating Costs and Expenses

-

-

-

-

-

-

Contract Drilling Expenses

(56)

(1)

0

-

-

(2,905)

Reimbursable Expenses

-

-

-

-

-

-

Depreciation and Amortization

-

-

(23)

-

-

(3,184)

General & Administrative

-

-

(32)

-

-

-

Corporate Operations

-

(53)

-

-

-

-

Local Administrative Expense

9

(665)

(25)

(4)

-

(478)

Other Operating Expenses

-

(206)

(26)

-

(2,234)

(792)

Operating costs and expenses

(48)

(925)

(106)

(4)

(2,234)

(7,359)

 

-

-

-

-

-

-

Operating Income

(48)

67

(106)

(4)

(2,234)

(6,357)

 

 

 

 

 

 

 

Other Income (Expense)

 

 

 

 

 

 

Interest expense, net of amount capitalized

-

-

(500)

-

-

(1)

Interest Income

77

-

135

-

532

-

Reorganization Items

-

-

-

-

-

-

Other, net

1

(43)

(41)

0

-

-

Income before income taxes

31

24

(512)

(4)

(1,702)

(6,358)

Income tax provision

-

-

-

-

-

-

Net Income

31

24

(512)

(4)

(1,702)

(6,358)

 


 

In re Paragon Offshore PLC, et al.

MOR-2

 

 

 

 

 

Unaudited Statement of Operations (Income Statement)

 

(000’s)

 

(See Notes to the MOR related to MOR-2)

 

 

For Month Ending April 30, 2017

 

 

 

 

16-10409

16-10410

 

Paragon Holding
SCS 1 Ltd.

 

 

 

Paragon Offshore
Leasing
(Luxembourg) S.a r.l.

 

 

 

Operating Revenues

 

 

Contract Drilling Revenue

$

-

$

-

Reimbursable Revenues

-

-

Labor Contract Revenues

-

-

Intercompany Revenues

-

-

Other Revenues

-

-

Operating revenues

-

-

 

 

 

Operating Costs and Expenses

-

-

Contract Drilling Expenses

-

(99)

Reimbursable Expenses

-

-

Depreciation and Amortization

-

(207)

General & Administrative

-

(15)

Corporate Operations

-

-

Local Administrative Expense

-

-

Other Operating Expenses

-

-

Operating costs and expenses

-

(320)

 

-

-

Operating Income

-

(320)

 

 

 

Other Income (Expense)

 

 

Interest expense, net of amount capitalized

-

(855)

Interest Income

911

-

Reorganization Items

-

-

Other, net

-

40

Income before income taxes

911

(1,136)

Income tax provision

-

-

Net Income

911

(1,136)

 


 

In re Paragon Offshore PLC, et al.

MOR-3

 

 

 

 

Case No. 16-10386 (CSS)

 

 

Reporting Period:

April 1 - 30, 2017

 

 

Federal Tax I.D. #

98-1146017

 

 

 

 

 

Unaudited Balance Sheet

 

(000’s)

 

(See Notes to the MOR related to MOR-3)

 

 

 

 

For Month Ending April 30, 2017

 

 

 

 

 

 

 

 

16-10385

 

 

16-10386

 

 

16-10387

 

 

 

 

 

Paragon Offshore Drilling
LLC

 

 

Paragon Offshore plc

 

 

Paragon Drilling Services 7
LLC

 

ASSETS

 

 

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

 

 

Total Cash and Cash Equivalents

 

 

-    

 

 

345,000

 

 

-    

 

Restricted Cash

 

 

-    

 

 

-    

 

 

-    

 

Accounts Receivable

 

 

151,663

 

 

207,700

 

 

318,908

 

Prepaid Expenses & Deposits

 

 

58

 

 

635

 

 

-    

 

Taxes Receivable

 

 

-    

 

 

-    

 

 

-    

 

Total Other Current Assets

 

 

13,615

 

 

55

 

 

-    

 

Total current assets

 

 

165,336

 

 

553,390

 

 

318,908

 

Investments in Subsidiaries

 

 

182,682

 

 

3,465,072

 

 

-    

 

Intercompany Notes Receivable

 

 

158,059

 

 

-    

 

 

-    

 

Long Term Notes & Investments

 

 

340,741

 

 

3,465,072

 

 

-    

 

Gross PPE

 

 

97,464

 

 

480

 

 

45,499

 

Accumulated Depreciation

 

 

(78,802

)

 

(116

)

 

(44,499

)

Property and Equipment

 

 

18,662

 

 

364

 

 

1,000

 

Other Assets

 

 

857

 

 

16,982

 

 

-    

 

Deferred Financing Costs

 

 

-    

 

 

-    

 

 

-    

 

Other Assets

 

 

857

 

 

16,982

 

 

-    

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

 

525,596

 

 

4,035,808

 

 

319,908

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

 

 

Current Maturities & Short Term Debt

 

 

-    

 

 

-    

 

 

-    

 

Accounts Payable

 

 

55,201

 

 

895,051

 

 

216,621

 

Payroll and Benefits Related Accruals

 

 

1,168

 

 

-    

 

 

-    

 

Taxes Payable

 

 

1,222

 

 

215

 

 

-    

 

Interest Payable

 

 

-    

 

 

268

 

 

-    

 

Other Current Liabilities

 

 

4,438

 

 

1,402

 

 

-    

 

Total current liabilities

 

 

62,029

 

 

896,936

 

 

216,621

 

Total Long-Term Debt

 

 

-    

 

 

-    

 

 

-    

 

Deferred Taxes

 

 

-    

 

 

-    

 

 

-    

 

Other NonCurrent Liabilities

 

 

1,983

 

 

2,501

 

 

-    

 

Liabilities Subject to Compromise

 

 

-    

 

 

1,709,947

 

 

-    

 

Total liabilities

 

 

64,012

 

 

2,609,384

 

 

216,621

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity

 

 

 

 

 

 

 

 

 

 

Shareholders’ Equity

 

 

 

 

 

 

 

 

 

 

Shareholders’ Equity

 

 

461,582

 

 

1,426,424

 

 

103,287

 

Ordinary Shares-par Val $.10 per sh

 

 

-    

 

 

890

 

 

-    

 

Capital in Excess of par value

 

 

(1,019,894

)

 

1,504,027

 

 

206,689

 

Retained Earnings

 

 

1,481,475

 

 

(78,494

)

 

(103,403

)

Treasury Stock - at Cost

 

 

-    

 

 

-    

 

 

-    

 

Accumulated Other Comprehensive Loss

 

 

-    

 

 

-    

 

 

-    

 

Statutory Equity

 

 

-    

 

 

-    

 

 

-    

 

Noncontrolling Interests

 

 

-    

 

 

-    

 

 

-    

 

Total shareholders’ equity

 

 

461,582

 

 

1,426,424

 

 

103,287

 

Total liabilities and shareholders’ equity

 

 

525,596

 

 

4,035,808

 

 

319,908

 

 


 

In re Paragon Offshore PLC, et al.

MOR-3

 

 

 

 

 

 

 

 

 

 

Unaudited Balance Sheet

 

 

 

 

 

 

 

(000’s)

 

 

 

 

 

 

 

(See Notes to the MOR related to MOR-3)

 

 

 

 

 

 

 

For Month Ending April 30, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16-10388

 

 

16-10389

 

 

16-10390

 

 

 

 

Paragon Offshore
Finance Company

 

 

Paragon Offshore
Leasing
(Switzerland) GmbH

 

 

Paragon Offshore do
Brasil Ltda.

 

ASSETS

 

 

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

 

 

Total Cash and Cash Equivalents

 

 

-

 

 

106

 

 

3,652

 

Restricted Cash

 

 

-

 

 

-

 

 

-

 

Accounts Receivable

 

 

1,469

 

 

164,266

 

 

17,947

 

Prepaid Expenses & Deposits

 

 

39

 

 

-

 

 

798

 

Taxes Receivable

 

 

-

 

 

295

 

 

9,694

 

Total Other Current Assets

 

 

-

 

 

-

 

 

-

 

Total current assets

 

 

1,508

 

 

164,667

 

 

32,091

 

Investments in Subsidiaries

 

 

4,105,589

 

 

-

 

 

-

 

Intercompany Notes Receivable

 

 

-

 

 

-

 

 

-

 

Long Term Notes & Investments

 

 

4,105,589

 

 

-

 

 

-

 

Gross PPE

 

 

-

 

 

151,830

 

 

2,727

 

Accumulated Depreciation

 

 

-

 

 

(131,383

)

 

(2,721

)

Property and Equipment

 

 

-

 

 

20,447

 

 

6

 

Other Assets

 

 

-

 

 

-

 

 

-

 

Deferred Financing Costs

 

 

-

 

 

-

 

 

-

 

Other Assets

 

 

-

 

 

-

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

 

4,107,097

 

 

185,114

 

 

32,097

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

 

 

Current Maturities & Short Term Debt

 

 

-

 

 

-

 

 

13,878

 

Accounts Payable

 

 

70,393

 

 

157,147

 

 

118,731

 

Payroll and Benefits Related Accruals

 

 

-

 

 

14

 

 

810

 

Taxes Payable

 

 

-

 

 

46

 

 

703

 

Interest Payable

 

 

202

 

 

-

 

 

1,104

 

Other Current Liabilities

 

 

1,001

 

 

-

 

 

3,028

 

Total current liabilities

 

 

71,596

 

 

157,207

 

 

138,254

 

Total Long-Term Debt

 

 

-

 

 

-

 

 

10,071

 

Deferred Taxes

 

 

-

 

 

-

 

 

-

 

Other NonCurrent Liabilities

 

 

-

 

 

-

 

 

-

 

Liabilities Subject to Compromise

 

 

634,616

 

 

-

 

 

-

 

Total liabilities

 

 

706,212

 

 

157,207

 

 

148,325

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity

 

 

 

 

 

 

 

 

 

 

Shareholders’ Equity

 

 

 

 

 

 

 

 

 

 

Shareholders’ Equity

 

 

3,400,884

 

 

27,905

 

 

(116,225

)

Ordinary Shares-par Val $.10 per sh

 

 

-

 

 

-

 

 

(9

)

Capital in Excess of par value

 

 

3,530,901

 

 

(72,168

)

 

5,517

 

Retained Earnings

 

 

(130,017

)

 

100,073

 

 

(102,995

)

Treasury Stock - at Cost

 

 

-

 

 

-

 

 

-

 

Accumulated Other Comprehensive Loss

 

 

-

 

 

-

 

 

(18,738

)

Statutory Equity

 

 

-

 

 

-

 

 

-

 

Noncontrolling Interests

 

 

-

 

 

-

 

 

-

 

Total shareholders’ equity

 

 

3,400,884

 

 

27,905

 

 

(116,225

)

Total liabilities and shareholders’ equity

 

 

4,107,097

 

 

185,114

 

 

32,097

 

 


 

In re Paragon Offshore PLC, et al.

MOR-3

 

Unaudited Balance Sheet

(000’s)

(See Notes to the MOR related to MOR-3)

 

 

 

 

For Month Ending April 30, 2017

 

 

 

 

 

 

 

 

16-10391

 

 

16-10392

 

 

16-10393

 

 

 

 

Paragon International
Finance Company

 

 

Paragon Asset
(ME) Ltd.

 

 

Paragon Offshore
Holdings US Inc.

 

ASSETS

 

 

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

 

 

Total Cash and Cash Equivalents

 

 

128,290

 

 

-    

 

 

-    

 

Restricted Cash

 

 

-    

 

 

-    

 

 

-    

 

Accounts Receivable

 

 

3,867,229

 

 

70,597

 

 

19,905

 

Prepaid Expenses & Deposits

 

 

120

 

 

-    

 

 

-    

 

Taxes Receivable

 

 

-    

 

 

-    

 

 

4,175

 

Total Other Current Assets

 

 

-    

 

 

236

 

 

-    

 

Total current assets

 

 

3,995,451

 

 

70,833

 

 

24,080

 

Investments in Subsidiaries

 

 

4,290,515

 

 

50

 

 

(1,339,443

)

Intercompany Notes Receivable

 

 

-    

 

 

-    

 

 

-    

 

Long Term Notes & Investments

 

 

4,290,515

 

 

50

 

 

(1,339,443

)

Gross PPE

 

 

-    

 

 

81,478

 

 

-    

 

Accumulated Depreciation

 

 

-    

 

 

(45,436

)

 

-    

 

Property and Equipment

 

 

-    

 

 

36,042

 

 

-    

 

Other Assets

 

 

-    

 

 

662

 

 

-    

 

Deferred Financing Costs

 

 

-    

 

 

-    

 

 

-    

 

Other Assets

 

 

-    

 

 

662

 

 

-    

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

 

8,285,966

 

 

107,587

 

 

(1,315,363

)

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

 

 

Current Maturities & Short Term Debt

 

 

61,747

 

 

-    

 

 

-    

 

Accounts Payable

 

 

5,209,269

 

 

2,554

 

 

15,164

 

Payroll and Benefits Related Accruals

 

 

-    

 

 

-    

 

 

-    

 

Taxes Payable

 

 

-    

 

 

1

 

 

1,817

 

Interest Payable

 

 

1,960

 

 

-    

 

 

-    

 

Other Current Liabilities

 

 

-    

 

 

-    

 

 

-    

 

Total current liabilities

 

 

5,272,976

 

 

2,555

 

 

16,981

 

Total Long-Term Debt

 

 

33,653

 

 

-    

 

 

-    

 

Deferred Taxes

 

 

-    

 

 

-    

 

 

-    

 

Other NonCurrent Liabilities

 

 

-    

 

 

-    

 

 

-    

 

Liabilities Subject to Compromise

 

 

-    

 

 

-    

 

 

-    

 

Total liabilities

 

 

5,306,629

 

 

2,555

 

 

16,981

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity

 

 

 

 

 

 

 

 

 

 

Shareholders’ Equity

 

 

 

 

 

 

 

 

 

 

Shareholders’ Equity

 

 

2,979,337

 

 

105,031

 

 

(1,332,344

)

Ordinary Shares-par Val $.10 per sh

 

 

-    

 

 

-    

 

 

-    

 

Capital in Excess of par value

 

 

2,928,906

 

 

44,301

 

 

(538,589

)

Retained Earnings

 

 

50,431

 

 

60,730

 

 

(793,755

)

Treasury Stock - at Cost

 

 

-    

 

 

-    

 

 

-    

 

Accumulated Other Comprehensive Loss

 

 

-    

 

 

-    

 

 

-    

 

Statutory Equity

 

 

-    

 

 

-    

 

 

-    

 

Noncontrolling Interests

 

 

-    

 

 

-    

 

 

-    

 

Total shareholders’ equity

 

 

2,979,337

 

 

105,031

 

 

(1,332,344

)

Total liabilities and shareholders’ equity

 

 

8,285,966

 

 

107,587

 

 

(1,315,363

)

 


 

In re Paragon Offshore PLC, et al.

MOR-3

 

 

 

Unaudited Balance Sheet

 

(000’s)

 

(See Notes to the MOR related to MOR-3)

 

 

 

 

For Month Ending April 30, 2017

 

 

 

 

 

 

 

 

16-10394

 

 

16-10395

 

 

16-10396

 

 

 

 

 

Paragon Asset
(UK) Ltd.

 

 

Paragon FDR
Holding Ltd.

 

 

Paragon Offshore
International Ltd.

 

ASSETS

 

 

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

 

 

Total Cash and Cash Equivalents

 

 

-    

 

 

-    

 

 

703

 

Restricted Cash

 

 

-    

 

 

-    

 

 

-    

 

Accounts Receivable

 

 

165,880

 

 

412,386

 

 

1,047,877

 

Prepaid Expenses & Deposits

 

 

-    

 

 

-    

 

 

1,267

 

Taxes Receivable

 

 

162

 

 

-    

 

 

529

 

Total Other Current Assets

 

 

-    

 

 

20,022

 

 

11,108

 

Total current assets

 

 

166,042

 

 

432,408

 

 

1,061,484

 

Investments in Subsidiaries

 

 

-    

 

 

410,651

 

 

7,435

 

Intercompany Notes Receivable

 

 

-    

 

 

-    

 

 

-    

 

Long Term Notes & Investments

 

 

-    

 

 

410,651

 

 

7,435

 

Gross PPE

 

 

-    

 

 

-    

 

 

45,235

 

Accumulated Depreciation

 

 

-    

 

 

-    

 

 

(33,907

)

Property and Equipment

 

 

-    

 

 

-    

 

 

11,328

 

Other Assets

 

 

-    

 

 

-    

 

 

85

 

Deferred Financing Costs

 

 

-    

 

 

-    

 

 

-    

 

Other Assets

 

 

-    

 

 

-    

 

 

85

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

 

166,042

 

 

843,059

 

 

1,080,332

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

 

 

Current Maturities & Short Term Debt

 

 

-    

 

 

-    

 

 

-    

 

Accounts Payable

 

 

150,729

 

 

2,985

 

 

905,390

 

Payroll and Benefits Related Accruals

 

 

10

 

 

-    

 

 

11,831

 

Taxes Payable

 

 

-    

 

 

-    

 

 

1,757

 

Interest Payable

 

 

-    

 

 

-    

 

 

-    

 

Other Current Liabilities

 

 

-    

 

 

-    

 

 

168

 

Total current liabilities

 

 

150,739

 

 

2,985

 

 

919,146

 

Total Long-Term Debt

 

 

-    

 

 

-    

 

 

-    

 

Deferred Taxes

 

 

-    

 

 

-    

 

 

1,133

 

Other NonCurrent Liabilities

 

 

-    

 

 

-    

 

 

-    

 

Liabilities Subject to Compromise

 

 

-    

 

 

-    

 

 

-    

 

Total liabilities

 

 

150,739

 

 

2,985

 

 

920,279

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity

 

 

 

 

 

 

 

 

 

 

Shareholders’ Equity

 

 

 

 

 

 

 

 

 

 

Shareholders’ Equity

 

 

15,303

 

 

840,074

 

 

160,052

 

Ordinary Shares-par Val $.10 per sh

 

 

5,000

 

 

-    

 

 

-    

 

Capital in Excess of par value

 

 

-    

 

 

829,425

 

 

293,024

 

Retained Earnings

 

 

10,303

 

 

10,650

 

 

(133,260

)

Treasury Stock - at Cost

 

 

-    

 

 

-    

 

 

-    

 

Accumulated Other Comprehensive Loss

 

 

-    

 

 

-    

 

 

289

 

Statutory Equity

 

 

-    

 

 

-    

 

 

-    

 

Noncontrolling Interests

 

 

-    

 

 

-    

 

 

-    

 

Total shareholders’ equity

 

 

15,303

 

 

840,074

 

 

160,052

 

Total liabilities and shareholders’ equity

 

 

166,042

 

 

843,059

 

 

1,080,332

 

 


 

In re Paragon Offshore PLC, et al.

MOR-3

 

 

Unaudited Balance Sheet

 

(000’s)

 

(See Notes to the MOR related to MOR-3)

 

 

 

 

For Month Ending April 30, 2017

 

 

 

 

 

 

 

 

16-10397

 

 

16-10398

 

 

16-10399

 

 

 

 

Paragon Offshore
(North Sea) Ltd.

 

 

Paragon Duchess Ltd.

 

 

Paragon (Middle
East) Limited

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

 

 

 

Total Cash and Cash Equivalents

 

 

-    

 

 

-    

 

 

-    

 

 

Restricted Cash

 

 

-    

 

 

-    

 

 

-    

 

 

Accounts Receivable

 

 

242,657

 

 

240

 

 

364,054

 

 

Prepaid Expenses & Deposits

 

 

219

 

 

-    

 

 

32

 

 

Taxes Receivable

 

 

194

 

 

135

 

 

-    

 

 

Total Other Current Assets

 

 

-    

 

 

-    

 

 

263

 

 

Total current assets

 

 

243,070

 

 

375

 

 

364,349

 

 

Investments in Subsidiaries

 

 

-    

 

 

(47,110

)

 

-    

 

 

Intercompany Notes Receivable

 

 

-    

 

 

-    

 

 

-    

 

 

Long Term Notes & Investments

 

 

-    

 

 

(47,110

)

 

-    

 

 

Gross PPE

 

 

-    

 

 

1,991

 

 

377,166

 

 

Accumulated Depreciation

 

 

-    

 

 

(991

)

 

(321,744

)

 

Property and Equipment

 

 

-    

 

 

1,000

 

 

55,422

 

 

Other Assets

 

 

-    

 

 

-    

 

 

1,735

 

 

Deferred Financing Costs

 

 

-    

 

 

-    

 

 

-    

 

 

Other Assets

 

 

-    

 

 

-    

 

 

1,735

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

 

243,070

 

 

(45,735

)

 

421,506

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

 

 

 

Current Maturities & Short Term Debt

 

 

-    

 

 

-    

 

 

-    

 

 

Accounts Payable

 

 

214,397

 

 

7,763

 

 

51,226

 

 

Payroll and Benefits Related Accruals

 

 

-    

 

 

-    

 

 

5,192

 

 

Taxes Payable

 

 

-    

 

 

-    

 

 

471

 

 

Interest Payable

 

 

-    

 

 

-    

 

 

-    

 

 

Other Current Liabilities

 

 

-    

 

 

-    

 

 

917

 

 

Total current liabilities

 

 

214,397

 

 

7,763

 

 

57,806

 

 

Total Long-Term Debt

 

 

-    

 

 

-    

 

 

-    

 

 

Deferred Taxes

 

 

-    

 

 

-    

 

 

-    

 

 

Other NonCurrent Liabilities

 

 

-    

 

 

-    

 

 

-    

 

 

Liabilities Subject to Compromise

 

 

-    

 

 

-    

 

 

-    

 

 

Total liabilities

 

 

214,397

 

 

7,763

 

 

57,806

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ Equity

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ Equity

 

 

28,673

 

 

(53,498

)

 

363,699

 

 

Ordinary Shares-par Val $.10 per sh

 

 

-    

 

 

-    

 

 

-    

 

 

Capital in Excess of par value

 

 

9,565

 

 

37,043

 

 

68,267

 

 

Retained Earnings

 

 

19,108

 

 

(90,541

)

 

295,432

 

 

Treasury Stock - at Cost

 

 

-    

 

 

-    

 

 

-    

 

 

Accumulated Other Comprehensive Loss

 

 

-    

 

 

-    

 

 

-    

 

 

Statutory Equity

 

 

-    

 

 

-    

 

 

-    

 

 

Noncontrolling Interests

 

 

-    

 

 

-    

 

 

-    

 

 

Total shareholders’ equity

 

 

28,673

 

 

(53,498

)

 

363,699

 

 

Total liabilities and shareholders’ equity

 

 

243,070

 

 

(45,735

)

 

421,506

 

 

 


 

In re Paragon Offshore PLC, et al.

MOR-3

 

 

 

 

 

 

 

 

 

Unaudited Balance Sheet

 

(000’s)

 

(See Notes to the MOR related to MOR-3)

 

 

 

 

For Month Ending April 30, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16-10400

 

 

16-10401

 

 

16-10402

 

 

 

 

Paragon Offshore
(Luxembourg)
S.a r.l.

 

 

Paragon Holding
NCS 2 S.a r.l.

 

 

Paragon Leonard
Jones LLC

 

ASSETS

 

 

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

 

 

Total Cash and Cash Equivalents

 

 

-    

 

 

-    

 

 

114

 

Restricted Cash

 

 

-    

 

 

-    

 

 

-    

 

Accounts Receivable

 

 

274,337

 

 

53,707

 

 

80,249

 

Prepaid Expenses & Deposits

 

 

-    

 

 

-    

 

 

3

 

Taxes Receivable

 

 

28

 

 

13

 

 

186

 

Total Other Current Assets

 

 

-    

 

 

11

 

 

31

 

Total current assets

 

 

274,365

 

 

53,731

 

 

80,583

 

Investments in Subsidiaries

 

 

(1,506

)

 

42,808

 

 

35,000

 

Intercompany Notes Receivable

 

 

-    

 

 

300

 

 

13,385

 

Long Term Notes & Investments

 

 

(1,506

)

 

43,108

 

 

48,385

 

Gross PPE

 

 

-    

 

 

20,544

 

 

-    

 

Accumulated Depreciation

 

 

-    

 

 

(17,807

)

 

-    

 

Property and Equipment

 

 

-    

 

 

2,737

 

 

-    

 

Other Assets

 

 

-    

 

 

133

 

 

-    

 

Deferred Financing Costs

 

 

-    

 

 

-    

 

 

-    

 

Other Assets

 

 

-    

 

 

133

 

 

-    

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

 

272,859

 

 

99,709

 

 

128,968

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

 

 

Current Maturities & Short Term Debt

 

 

-    

 

 

-    

 

 

-    

 

Accounts Payable

 

 

272,751

 

 

61,012

 

 

66,694

 

Payroll and Benefits Related Accruals

 

 

-    

 

 

-    

 

 

-    

 

Taxes Payable

 

 

3

 

 

21

 

 

1,620

 

Interest Payable

 

 

-    

 

 

9,630

 

 

-    

 

Other Current Liabilities

 

 

-    

 

 

-    

 

 

254

 

Total current liabilities

 

 

272,754

 

 

70,663

 

 

68,568

 

Total Long-Term Debt

 

 

-    

 

 

-    

 

 

-    

 

Deferred Taxes

 

 

-    

 

 

-    

 

 

-    

 

Other NonCurrent Liabilities

 

 

-    

 

 

-    

 

 

-    

 

Liabilities Subject to Compromise

 

 

-    

 

 

-    

 

 

-    

 

Total liabilities

 

 

272,754

 

 

70,663

 

 

68,568

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity

 

 

 

 

 

 

 

 

 

 

Shareholders’ Equity

 

 

 

 

 

 

 

 

 

 

Shareholders’ Equity

 

 

104

 

 

29,047

 

 

60,401

 

Ordinary Shares-par Val $.10 per sh

 

 

-    

 

 

-    

 

 

-    

 

Capital in Excess of par value

 

 

373,633

 

 

96,279

 

 

136,179

 

Retained Earnings

 

 

(373,529

)

 

(67,233

)

 

(75,778

)

Treasury Stock - at Cost

 

 

-    

 

 

-    

 

 

-    

 

Accumulated Other Comprehensive Loss

 

 

-    

 

 

-    

 

 

-    

 

Statutory Equity

 

 

-    

 

 

-    

 

 

-    

 

Noncontrolling Interests

 

 

-    

 

 

-    

 

 

-    

 

Total shareholders’ equity

 

 

104

 

 

29,047

 

 

60,401

 

Total liabilities and shareholders’ equity

 

 

272,859

 

 

99,709

 

 

128,968

 

 


 

In re Paragon Offshore PLC, et al.

MOR-3

 

 

 

 

 

 

 

 

 

Unaudited Balance Sheet

 

(000’s)

 

(See Notes to the MOR related to MOR-3)

 

 

 

 

For Month Ending April 30, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16-10403

 

 

16-10404

 

 

16-10405

 

 

 

 

PGN Offshore Drilling
(Malaysia) Sdn. Bhd.

 

 

Paragon Offshore
(Nederland) B.V.

 

 

Paragon Offshore
Contracting GmbH

 

ASSETS

 

 

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

 

 

Total Cash and Cash Equivalents

 

 

128

 

 

1,967

 

 

2,506

 

Restricted Cash

 

 

-    

 

 

-    

 

 

-    

 

Accounts Receivable

 

 

6,753

 

 

436,046

 

 

296,000

 

Prepaid Expenses & Deposits

 

 

-    

 

 

681

 

 

27

 

Taxes Receivable

 

 

1

 

 

521

 

 

152

 

Total Other Current Assets

 

 

77

 

 

14,933

 

 

946

 

Total current assets

 

 

6,959

 

 

454,148

 

 

299,631

 

Investments in Subsidiaries

 

 

-    

 

 

-    

 

 

30,000

 

Intercompany Notes Receivable

 

 

33,653

 

 

7,959

 

 

49,686

 

Long Term Notes & Investments

 

 

33,653

 

 

7,959

 

 

79,686

 

Gross PPE

 

 

-    

 

 

-    

 

 

7,979

 

Accumulated Depreciation

 

 

-    

 

 

-    

 

 

(1,097

)

Property and Equipment

 

 

-    

 

 

-    

 

 

6,882

 

Other Assets

 

 

-    

 

 

1,521

 

 

-    

 

Deferred Financing Costs

 

 

-    

 

 

-    

 

 

-    

 

Other Assets

 

 

-    

 

 

1,521

 

 

-    

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

 

40,612

 

 

463,628

 

 

386,199

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

 

 

Current Maturities & Short Term Debt

 

 

-    

 

 

-    

 

 

-    

 

Accounts Payable

 

 

68,662

 

 

270,631

 

 

116,559

 

Payroll and Benefits Related Accruals

 

 

125

 

 

663

 

 

-    

 

Taxes Payable

 

 

30

 

 

59

 

 

1,904

 

Interest Payable

 

 

-    

 

 

-    

 

 

13,814

 

Other Current Liabilities

 

 

-    

 

 

3,123

 

 

-    

 

Total current liabilities

 

 

68,817

 

 

274,476

 

 

132,277

 

Total Long-Term Debt

 

 

-    

 

 

-    

 

 

158,059

 

Deferred Taxes

 

 

-    

 

 

203

 

 

-    

 

Other NonCurrent Liabilities

 

 

-    

 

 

-    

 

 

-    

 

Liabilities Subject to Compromise

 

 

-    

 

 

-    

 

 

-    

 

Total liabilities

 

 

68,817

 

 

274,679

 

 

290,336

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity

 

 

 

 

 

 

 

 

 

 

Shareholders’ Equity

 

 

 

 

 

 

 

 

 

 

Shareholders’ Equity

 

 

(28,204

)

 

188,947

 

 

95,861

 

Ordinary Shares-par Val $.10 per sh

 

 

-    

 

 

-    

 

 

14

 

Capital in Excess of par value

 

 

(47,620

)

 

12,794

 

 

60,000

 

Retained Earnings

 

 

19,416

 

 

175,536

 

 

35,761

 

Treasury Stock - at Cost

 

 

-    

 

 

-    

 

 

-    

 

Accumulated Other Comprehensive Loss

 

 

-    

 

 

617

 

 

86

 

Statutory Equity

 

 

-    

 

 

-    

 

 

-    

 

Noncontrolling Interests

 

 

-    

 

 

-    

 

 

-    

 

Total shareholders’ equity

 

 

(28,204

)

 

188,947

 

 

95,861

 

Total liabilities and shareholders’ equity

 

 

40,612

 

 

463,628

 

 

386,199

 

 


 

In re Paragon Offshore PLC, et al.

MOR-3

 

 

 

 

 

 

 

 

 

Unaudited Balance Sheet

 

(000’s)

 

(See Notes to the MOR related to MOR-3)

 

 

 

 

For Month Ending April 30, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16-10406

 

 

16-10407

 

 

16-10408

 

 

 

 

Paragon Offshore
(Labuan) Pte. Ltd.

 

 

Paragon Holding
SCS 2 Ltd.

 

 

Paragon Asset
Company Ltd.

 

ASSETS

 

 

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

 

 

Total Cash and Cash Equivalents

 

 

1,179

 

 

-    

 

 

-    

 

Restricted Cash

 

 

-    

 

 

-    

 

 

-    

 

Accounts Receivable

 

 

9,972

 

 

33,192

 

 

944,638

 

Prepaid Expenses & Deposits

 

 

9

 

 

-    

 

 

157

 

Taxes Receivable

 

 

-    

 

 

-    

 

 

-    

 

Total Other Current Assets

 

 

-    

 

 

9,630

 

 

5,392

 

Total current assets

 

 

11,160

 

 

42,822

 

 

950,187

 

Investments in Subsidiaries

 

 

-    

 

 

2,472,887

 

 

65,504

 

Intercompany Notes Receivable

 

 

-    

 

 

-    

 

 

-    

 

Long Term Notes & Investments

 

 

-    

 

 

2,472,887

 

 

65,504

 

Gross PPE

 

 

-    

 

 

-    

 

 

915,274

 

Accumulated Depreciation

 

 

-    

 

 

-    

 

 

(781,225

)

Property and Equipment

 

 

-    

 

 

-    

 

 

134,049

 

Other Assets

 

 

-    

 

 

-    

 

 

1,712

 

Deferred Financing Costs

 

 

-    

 

 

-    

 

 

-    

 

Other Assets

 

 

-    

 

 

-    

 

 

1,712

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

 

11,160

 

 

2,515,709

 

 

1,151,452

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

 

 

Current Maturities & Short Term Debt

 

 

-    

 

 

-    

 

 

-    

 

Accounts Payable

 

 

10,284

 

 

150,075

 

 

600,115

 

Payroll and Benefits Related Accruals

 

 

-    

 

 

-    

 

 

446

 

Taxes Payable

 

 

3

 

 

842

 

 

-    

 

Interest Payable

 

 

-    

 

 

-    

 

 

52

 

Other Current Liabilities

 

 

-    

 

 

-    

 

 

598

 

Total current liabilities

 

 

10,287

 

 

150,917

 

 

601,211

 

Total Long-Term Debt

 

 

-    

 

 

-    

 

 

300

 

Deferred Taxes

 

 

-    

 

 

-    

 

 

-    

 

Other NonCurrent Liabilities

 

 

-    

 

 

18,759

 

 

-    

 

Liabilities Subject to Compromise

 

 

-    

 

 

-    

 

 

-    

 

Total liabilities

 

 

10,287

 

 

169,676

 

 

601,511

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity

 

 

 

 

 

 

 

 

 

 

Shareholders’ Equity

 

 

 

 

 

 

 

 

 

 

Shareholders’ Equity

 

 

874

 

 

2,346,033

 

 

549,942

 

Ordinary Shares-par Val $.10 per sh

 

 

-    

 

 

-    

 

 

-    

 

Capital in Excess of par value

 

 

510

 

 

4,015,197

 

 

286,174

 

Retained Earnings

 

 

364

 

 

(1,669,164

)

 

263,770

 

Treasury Stock - at Cost

 

 

-    

 

 

-    

 

 

-    

 

Accumulated Other Comprehensive Loss

 

 

-    

 

 

-    

 

 

-    

 

Statutory Equity

 

 

-    

 

 

-    

 

 

-    

 

Noncontrolling Interests

 

 

-    

 

 

-    

 

 

-    

 

Total shareholders’ equity

 

 

874

 

 

2,346,033

 

 

549,942

 

Total liabilities and shareholders’ equity

 

 

11,160

 

 

2,515,709

 

 

1,151,452

 

 


 

In re Paragon Offshore PLC, et al.

MOR-3

 

 

 

 

 

 

 

 

 

Unaudited Balance Sheet

 

(000’s)

 

(See Notes to the MOR related to MOR-3)

 

 

 

 

For Month Ending April 30, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16-10409

 

 

16-10410

 

 

 

 

 

 

 

Paragon Holding
SCS 1 Ltd.

 

 

Paragon Offshore
Leasing
(Luxembourg) S.a r.l.

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

 

 

Total Cash and Cash Equivalents

 

 

-    

 

 

1,187

 

 

 

 

Restricted Cash

 

 

-    

 

 

-    

 

 

 

 

Accounts Receivable

 

 

120,610

 

 

115,352

 

 

 

 

Prepaid Expenses & Deposits

 

 

-    

 

 

-    

 

 

 

 

Taxes Receivable

 

 

-    

 

 

34

 

 

 

 

Total Other Current Assets

 

 

124,883

 

 

(123

)

 

 

 

Total current assets

 

 

245,493

 

 

116,450

 

 

 

 

Investments in Subsidiaries

 

 

1,230,952

 

 

(72,168

)

 

 

 

Intercompany Notes Receivable

 

 

-    

 

 

-    

 

 

 

 

Long Term Notes & Investments

 

 

1,230,952

 

 

(72,168

)

 

 

 

Gross PPE

 

 

-    

 

 

51,322

 

 

 

 

Accumulated Depreciation

 

 

-    

 

 

(47,610

)

 

 

 

Property and Equipment

 

 

-    

 

 

3,712

 

 

 

 

Other Assets

 

 

-    

 

 

296

 

 

 

 

Deferred Financing Costs

 

 

-    

 

 

-    

 

 

 

 

Other Assets

 

 

-    

 

 

296

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

 

1,476,445

 

 

48,290

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

 

 

Current Maturities & Short Term Debt

 

 

-    

 

 

-    

 

 

 

 

Accounts Payable

 

 

279

 

 

27,484

 

 

 

 

Payroll and Benefits Related Accruals

 

 

-    

 

 

-    

 

 

 

 

Taxes Payable

 

 

-    

 

 

-    

 

 

 

 

Interest Payable

 

 

-    

 

 

84,949

 

 

 

 

Other Current Liabilities

 

 

-    

 

 

46

 

 

 

 

Total current liabilities

 

 

279

 

 

112,448

 

 

 

 

Total Long-Term Debt

 

 

-    

 

 

-    

 

 

 

 

Deferred Taxes

 

 

-    

 

 

-    

 

 

 

 

Other NonCurrent Liabilities

 

 

-    

 

 

-    

 

 

 

 

Liabilities Subject to Compromise

 

 

-    

 

 

-    

 

 

 

 

Total liabilities

 

 

279

 

 

112,448

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity

 

 

 

 

 

 

 

 

 

 

Shareholders’ Equity

 

 

 

 

 

 

 

 

 

 

Shareholders’ Equity

 

 

1,476,166

 

 

(64,159

)

 

 

 

Ordinary Shares-par Val $.10 per sh

 

 

9

 

 

-    

 

 

 

 

Capital in Excess of par value

 

 

1,325,327

 

 

1,519,680

 

 

 

 

Retained Earnings

 

 

150,830

 

 

(1,583,840

)

 

 

 

Treasury Stock - at Cost

 

 

-    

 

 

-    

 

 

 

 

Accumulated Other Comprehensive Loss

 

 

-    

 

 

-    

 

 

 

 

Statutory Equity

 

 

-    

 

 

-    

 

 

 

 

Noncontrolling Interests

 

 

-    

 

 

-    

 

 

 

 

Total shareholders’ equity

 

 

1,476,166

 

 

(64,159

)

 

 

 

Total liabilities and shareholders’ equity

 

 

1,476,445

 

 

48,290

 

 

 

 

 


 

MOR-4

 

 

 

In re Paragon Offshore PLC, et al.

 

 

 

 

Case No. 16-10386 (CSS)

 

Reporting Period:

April 1 - 30, 2017

 

Federal Tax I.D. #

98-1146017

 

 

Status of Post-Petition Taxes (See Notes to the MOR)

(000’s)

 

Paragon Offshore PLC and its related debtor legal
entities

 

Beginning
Tax
Liability

 

Amount
Withheld or
Accrued

 

 

Amount
Paid

 

Ending Tax
Liability

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate Income Tax

 

 

$

7,808

 

 

$

(1,689

)

 

$

(340

)

 

$

5,778

 

Payroll Tax

 

 

10,298

 

 

427

 

 

(1,029

)

 

9,696

 

Withholding Tax

 

 

(11,880

)

 

317

 

 

-    

 

 

(11,563

)

Property Tax

 

 

-    

 

 

 

 

 

 

 

 

-    

 

VAT Tax

 

 

(9,672

)

 

(79

)

 

(1

)

 

(9,752

)

Other Tax

 

 

2,664

 

 

154

 

 

-    

 

 

2,818

 

Total Taxes

 

 

$

(781

)

 

$

(870

)

 

$

(1,370

)

 

$

(3,022

)

 

Summary of Unpaid Post-Petition Debts (See Notes to the MOR)

(000’s)

 

Debtor

 

 

Case Number

 

 

Current

 

 

0-30

 

 

31-60

 

 

Over 61

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts Payable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Paragon Offshore Drilling LLC

 

 

16-10385

 

 

$

53

 

 

$

37

 

 

$

31

 

 

$

795

 

 

$

916

 

Paragon Offshore plc

 

 

16-10386

 

 

0

 

 

-    

 

 

179

 

 

252

 

 

432

 

Paragon Drilling Services 7 LLC

 

 

16-10387

 

 

68

 

 

2

 

 

-    

 

 

-    

 

 

69

 

Paragon Offshore Finance Company

 

 

16-10388

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

Paragon Offshore Leasing (Switzerland) GmbH

 

 

16-10389

 

 

5

 

 

14

 

 

52

 

 

(40

)

 

31

 

Paragon Offshore do Brasil Ltda.

 

 

16-10390

 

 

42

 

 

30

 

 

215

 

 

-    

 

 

288

 

Paragon International Finance Company

 

 

16-10391

 

 

236

 

 

65

 

 

176

 

 

335

 

 

813

 

Paragon Asset (ME) Ltd.

 

 

16-10392

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

Paragon Offshore Holdings US Inc.

 

 

16-10393

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

Paragon Asset (UK) Ltd.

 

 

16-10394

 

 

221

 

 

189

 

 

0

 

 

0

 

 

411

 

Paragon FDR Holding Ltd.

 

 

16-10395

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

Paragon Offshore International Ltd.

 

 

16-10396

 

 

185

 

 

54

 

 

126

 

 

463

 

 

829

 

Paragon Offshore (North Sea) Ltd.

 

 

16-10397

 

 

29

 

 

111

 

 

-    

 

 

(3

)

 

138

 

Paragon Duchess Ltd.

 

 

16-10398

 

 

29

 

 

3

 

 

-    

 

 

(11

)

 

21

 

Paragon (Middle East) Limited

 

 

16-10399

 

 

198

 

 

207

 

 

(11

)

 

(45

)

 

349

 

Paragon Offshore (Luxembourg) S.a r.l.

 

 

16-10400

 

 

-    

 

 

-    

 

 

-    

 

 

64

 

 

64

 

Paragon Holding NCS 2 S.a r.l.

 

 

16-10401

 

 

-    

 

 

-    

 

 

-    

 

 

(20

)

 

(20

)

Paragon Leonard Jones LLC

 

 

16-10402

 

 

10

 

 

4

 

 

-    

 

 

(0

)

 

14

 

PGN Offshore Drilling (Malaysia) Sdn. Bhd.

 

 

16-10403

 

 

2

 

 

0

 

 

-    

 

 

(14

)

 

(11

)

Paragon Offshore (Nederland) B.V.

 

 

16-10404

 

 

336

 

 

119

 

 

5

 

 

19

 

 

479

 

Paragon Offshore Contracting GmbH

 

 

16-10405

 

 

-    

 

 

18

 

 

-    

 

 

(23

)

 

(5

)

Paragon Offshore (Labuan) Pte. Ltd.

 

 

16-10406

 

 

-    

 

 

7

 

 

-    

 

 

-    

 

 

7

 

Paragon Holding SCS 2 Ltd.

 

 

16-10407

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

Paragon Asset Company Ltd.

 

 

16-10408

 

 

150

 

 

197

 

 

-    

 

 

60

 

 

407

 

Paragon Holding SCS 1 Ltd.

 

 

16-10409

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

Paragon Offshore Leasing (Luxembourg) S.a r.l.

 

 

16-10410

 

 

-    

 

 

-    

 

 

-    

 

 

(30

)

 

(30

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Accounts Payable

 

 

 

 

 

$

1,567

 

 

$

1,059

 

 

$

774

 

 

$

1,802

 

 

$

5,201

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

MOR-5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In re Paragon Offshore PLC, et al.

 

 

 

 

 

 

Case No. 16-10386 (CSS)

 

Reporting Period:

April 1 - 30, 2017

 

Federal Tax I.D. #

98-1146017

 

 

 

 

Post-Petition Accounts Receivable Reconciliation and Aging (See Notes to the MOR)

 

(‘000s)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Billed Accounts Receivable

 

 

 

 

 

Unbilled Accounts Receivable

 

 

 

 

 

Other Accounts Receivable

 

 

 

 

 

 

 

 

 

 

 

 

 

 Debtor

Case Number

 

 

0-60

 

 

60-90

 

 

>90

 

 

Total Billed
Accounts
Receivable

 

 

0-60

 

 

60-90

 

 

>90

 

 

Total
Unbilled
Accounts
Receivable

 

 

0-60

 

 

60-90

 

 

>90

 

 

Total Other
Accounts
Receivable

 

 

Total
Accounts
Receivable
(Gross)

 

 

Allowance
for Doubtful
Accounts

 

 

Total Accounts
Receivable (Net)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade Receivables

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Paragon Offshore Drilling LLC

16-10385

 

 

$

2,220

 

 

$

-    

 

 

$

6,561

 

 

$

8,781

 

 

$

1,111

 

 

$

-    

 

 

$

-    

 

 

$

1,111

 

 

$

-    

 

 

$

-    

 

 

$

-    

 

 

$

-    

 

 

$

9,893

 

 

$

(6,561

)

 

$

3,332

 

Paragon Offshore plc

16-10386

 

 

 

-    

 

 

 

-    

 

 

 

-    

 

 

-    

 

 

 

-    

 

 

 

-    

 

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

 

-    

 

 

-    

 

Paragon Drilling Services 7 LLC

16-10387

 

 

 

-    

 

 

 

-    

 

 

 

-    

 

 

-    

 

 

 

-    

 

 

 

-    

 

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

 

-    

 

 

-    

 

Paragon Offshore Finance Company

16-10388

 

 

 

-    

 

 

 

-    

 

 

 

-    

 

 

-    

 

 

 

-    

 

 

 

-    

 

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

 

-    

 

 

-    

 

Paragon Offshore Leasing (Switzerland) GmbH

16-10389

 

 

 

-    

 

 

 

-    

 

 

 

-    

 

 

-    

 

 

 

-    

 

 

 

-    

 

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

 

-    

 

 

-    

 

Paragon Offshore do Brasil Ltda.

16-10390

 

 

 

-    

 

 

 

-    

 

 

 

-    

 

 

-    

 

 

 

49

 

 

 

-    

 

 

 

513

 

 

562

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

562

 

 

 

(513)

 

 

49

 

Paragon International Finance Company

16-10391

 

 

 

-    

 

 

 

-    

 

 

 

-    

 

 

-    

 

 

 

-    

 

 

 

-    

 

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

 

-    

 

 

-    

 

Paragon Asset (ME) Ltd.

16-10392

 

 

 

-    

 

 

 

-    

 

 

 

-    

 

 

-    

 

 

 

-    

 

 

 

-    

 

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

 

-    

 

 

-    

 

Paragon Offshore Holdings US Inc.

16-10393

 

 

 

-    

 

 

 

-    

 

 

 

-    

 

 

-    

 

 

 

-    

 

 

 

-    

 

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

 

-    

 

 

-    

 

Paragon Asset (UK) Ltd.

16-10394

 

 

 

196

 

 

 

-    

 

 

 

-    

 

 

196

 

 

 

1,619

 

 

 

-    

 

 

 

-    

 

 

1,619

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

1,815

 

 

 

-    

 

 

1,815

 

Paragon FDR Holding Ltd.

16-10395

 

 

 

-    

 

 

 

-    

 

 

 

-    

 

 

-    

 

 

 

-    

 

 

 

-    

 

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

 

-    

 

 

-    

 

Paragon Offshore International Ltd.

16-10396

 

 

 

2,550

 

 

 

-    

 

 

 

11,017

 

 

13,567

 

 

 

1,828

 

 

 

39

 

 

 

2,531

 

 

4,398

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

17,965

 

 

 

(5,829)

 

 

12,136

 

Paragon Offshore (North Sea) Ltd.

16-10397

 

 

 

-    

 

 

 

-    

 

 

 

-    

 

 

-    

 

 

 

-    

 

 

 

-    

 

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

 

-    

 

 

-    

 

Paragon Duchess Ltd.

16-10398

 

 

 

-    

 

 

 

-    

 

 

 

455

 

 

455

 

 

 

-    

 

 

 

-    

 

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

455

 

 

 

(455)

 

 

-    

 

Paragon (Middle East) Limited

16-10399

 

 

 

9,418

 

 

 

-    

 

 

 

-    

 

 

9,418

 

 

 

5,194

 

 

 

-    

 

 

 

0

 

 

5,194

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

14,612

 

 

 

-    

 

 

14,612

 

Paragon Offshore (Luxembourg) S.a r.l.

16-10400

 

 

 

-    

 

 

 

-    

 

 

 

-    

 

 

-    

 

 

 

-    

 

 

 

-    

 

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

 

-    

 

 

-    

 

Paragon Holding NCS 2 S.a r.l.

16-10401

 

 

 

-    

 

 

 

-    

 

 

 

-    

 

 

-    

 

 

 

-    

 

 

 

-    

 

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

 

-    

 

 

-    

 

Paragon Leonard Jones LLC

16-10402

 

 

 

-    

 

 

 

-    

 

 

 

-    

 

 

-    

 

 

 

-    

 

 

 

-    

 

 

 

12,033

 

 

12,033

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

12,033

 

 

 

(12,033)

 

 

-    

 

PGN Offshore Drilling (Malaysia) Sdn. Bhd.

16-10403

 

 

 

-    

 

 

 

-    

 

 

 

-    

 

 

-    

 

 

 

-    

 

 

 

-    

 

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

 

-    

 

 

-    

 

Paragon Offshore (Nederland) B.V.

16-10404

 

 

 

-    

 

 

 

-    

 

 

 

-    

 

 

-    

 

 

 

-    

 

 

 

-    

 

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

 

-    

 

 

-    

 

Paragon Offshore Contracting GmbH

16-10405

 

 

 

-    

 

 

 

-    

 

 

 

-    

 

 

-    

 

 

 

-    

 

 

 

-    

 

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

 

-    

 

 

-    

 

Paragon Offshore (Labuan) Pte. Ltd.

16-10406

 

 

 

-    

 

 

 

-    

 

 

 

-    

 

 

-    

 

 

 

-    

 

 

 

-    

 

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

 

-    

 

 

-    

 

Paragon Holding SCS 2 Ltd.

16-10407

 

 

 

-    

 

 

 

-    

 

 

 

-    

 

 

-    

 

 

 

-    

 

 

 

-    

 

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

 

-    

 

 

-    

 

Paragon Asset Company Ltd.

16-10408

 

 

 

-    

 

 

 

-    

 

 

 

-    

 

 

-    

 

 

 

-    

 

 

 

-    

 

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

 

-    

 

 

-    

 

Paragon Holding SCS 1 Ltd.

16-10409

 

 

 

-    

 

 

 

-    

 

 

 

-    

 

 

-    

 

 

 

-    

 

 

 

-    

 

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

 

-    

 

 

-    

 

Paragon Offshore Leasing (Luxembourg) S.a r.l.

16-10410

 

 

 

-    

 

 

 

-    

 

 

 

-    

 

 

-    

 

 

 

-    

 

 

 

-    

 

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

-    

 

 

 

-    

 

 

-    

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Trade Receivables

 

 

 

$

14,385

 

 

$

-    

 

 

$

18,032

 

 

$

32,417

 

 

$

9,801

 

 

$

39

 

 

$

15,077

 

 

$

24,917

 

 

$

-    

 

 

$

-    

 

 

$

-    

 

 

$

-    

 

 

$

57,334

 

 

$

(25,391

)

 

$

31,943

 

 


 

MOR-5 (Cont)

 

In re Paragon Offshore PLC, et al.

 

 

 

 

 

 

Case No. 16-10386 (CSS)

 

 

Reporting Period:

April 1 - 30, 2017

 

 

Federal Tax I.D. #

98-1146017

 

Debtor Questionnaire (See Notes to the MOR)

 

 

 

Yes

 

 

No

1. Have any assets been sold or transferred outside the normal course of business during this reporting period? If yes, provide an explanation below.

 

 

 

 

X

2. Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide an explanation below.

 

X

 

 

 

3. Have all post petition tax returns been timely filed? If no, provide an explanation below.

 

X

 

 

 

4. Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below.

 

X

 

 

 

5. Has any bank account been opened during the reporting period? If yes, provide documentation identifying the opened account(s). If an investment account has been opened provide the required documentation pursuant to the Delaware Local Rule 4001-3.

 

 

 

 

X