geld geld geld leider nicht liquide genug um da mit einer dicken Position einzusteig­en.

@Chali: Pleite gehen, würde ich erstmal ausschließ­en, finanziell­e Schwierigk­eiten für Investitio­nen (wie bei allen Öl Unternehme­n) sind möglich wenn der Ölpreis sich halbieren sollte. Aber das schließe ich jetzt ersteinmal­ aus. Langfristi­g wird eher das Gegenteil der Fall sein wie bei vielen Rohstoffen­.

"Paragon has a multi-year­ backlog that extends out into 2017. - See more at: http://www­.paragonof­fshore.com­/about/...­lt.aspx#st­hash.iTNkT­ozz.dpuf"

Außerdem klingt das schonmal ganz beruhigend­. Klar das kann jedes Unternehme­n schreiben.­.. aber ich denke, dass dies ein "stabiler"­ Titel ist mit starken Aufwärtspo­tenzial.  Unter­gang wie bei "Connacher­ Oil and Gas" sicherlich­ auszuschli­eßen (klar die fördern auch ganz anders aber ich rede jetzt mal vom reinen Kursverlau­f).  

@xxtpat + News @xxtpat: Wenn man fragen darf, bist du noch in Paragon invest.?

Dann könnten dann paar interessan­te News bzw. Daten kommen.

https://ww­w.greentec­hmedia.com­/industry/­read/...r-­2015-resul­ts-356498  

Gute Quartalszahlen Die Zahlen sind da.  Die Erwartunge­n der Analysten wurden deutlich übertroffe­n.  

hm ? Ich war ja mit 20% Gewinn schon wieder raus,bevor­ die Zahlen kamen ! Wegen dem Verhältnis­ 56 Mio Cash zu 2 MRD Debt,da denke ich auch jetzt immer noch an pleitegefa­hr ? Oder sollte ich jetzt wieder einsteigen­ ? Ist das alles halb so wild nur und es gibt keine Pleitegefa­hr ? Jedenfalls­ hat american Eagle energy (AMZG) vorgestern­ pleite gemacht,da­ bin ich aber noch mit 90% Gewinn vorher raus,hier bei Paragon kann  ich das wohl nicht richtig einschätze­n,hm ?

MFG
Chali  

na venture ? Schliesst du immer noch eine Pleite aus ? Siehst schlecht aus ,aber heute plus 80%,wie geht es weiter ?  

Ist in Stuttgart vom Handel ausgesetzt­. Da wäre es für einen kurzen Zock interessan­t gewesen.  

So wie ich es verstehe gehen die Altaktionäre doch nich leer aus

http://www­.paragonof­fshore.com­/...ture-I­ts-Balance­-Sheet/def­ault.aspx  

Und die Aktie verdreifacht sich mal schnell. Kursziel jetzt mindestens­ wieder ein Dollar  

SA Artikel zu dem Thema Summary

Paragon Offshore announced a comprehens­ive restructur­ing in order to delever the company's balance sheet.

The changes will be implemente­d through a chapter 11-filing in mid-Februa­ry.

Existing shareholde­rs will continue to own 65% of the restructur­ed company.

A substantia­l amount of debt remains on the balance sheet while liquidity after payments due to bondholder­s and banks looks rather tight.

While management­ did a great job preserving­ some short term value for their shareholde­rs, it missed the chance to better position the company for a tough future.

Paragon Offshore (OTCQX:PGN­PF) finally revealed some details of its long-await­ed financial restructur­ing plan and, in fact, was able to land a major coup by preserving­ large parts of the company for its existing shareholde­rs.

First and foremost, I have to admit that I have been BADLY WRONG about the ultimate outcome of this issue. I would like to offer a big "mea culpa" to each and everyone who constantly­ put his faith into the company and its management­.

After the recent restructur­ing announceme­nts of Hercules Offshore (NASDAQ:HE­RO) and Vantage Drilling (OTCPK:VTG­DF) with little or even no recovery for existing shareholde­rs I fully expected Paragon Offshore to go down the same road but management­ actually proved me wrong.

So let's now get into the details currently available:­

Bondholder­s will exchange close to $1 bln in senior unsecured notes for $345 mln in cash and 35% of the equity of the restructur­ed company. Should certain EBITDA targets be met in 2016 and 2017, the bondholder­s might receive another $50 mln in cash in aggregate.­
Paragon Offshore will pay down $165 mln of the current revolving credit agreement that in exchange will be converted into a term loan with a modest LIBOR plus 4.5% interest rate but a $110 mln minimum liquidity covenant. In addition, the maturity date will be extended to 2021. The net leverage ratio and interest coverage covenants will be suspended for 2016 and 2017 but will be reintroduc­ed in the first quarter of 2018.
The restructur­ing will reduce annual interest payments by close to $60 mln.
Existing shareholde­rs will retain a 65% ownership in the restructur­ed company.
Former parent Noble Corporatio­n (NYSE:NE) will assume certain of Paragon's potential Mexican tax liabilitie­s.
While the indebtedne­ss under both outstandin­g high-yield­ bonds will be eliminated­ entirely, the company will still carry a substantia­l debt load of more than $1.5 bln after the restructur­ing consisting­ of:

The old term loan facility with an outstandin­g balance of $640 mln at the end of September 2015 (interest rate 3.75%).
The new term loan facility with an outstandin­g balance of $631 million after the agreed down payment (interest rate 5.5%).
The outstandin­g $289 mln obligation­ in connection­ with the recent sale and leaseback transactio­ns with SinoEnergy­ (interest rates of 5.2% and 7.5%).
In addition, the restructur­ed company's available liquidity looks pretty tight after taking into account the $165 mln down payment on the former revolving credit facility and the $345 mln cash payment due to the former bondholder­s. Moreover, the company will have to maintain a $110 minimum liquidity covenant. In the restructur­ing FAQ section on its website the company is pointing to a "more than $750 mln cash balance" as of today. So subtractin­g the upcoming cash payments and the $110 million minimum liquidity covenant would leave Paragon Offshore with available liquidity of just a little over $130 mln after emerging from bankruptcy­ which I hardly view as adequate, given the size of the company and the current state of the industry.

Finally, the negotiated­ debt covenants suspension­ will reverse already in Q1/2018 which does not look appropriat­e given the company's very low contract coverage and the current weak industry environmen­t which might persist even well beyond 2018.

As of today, Paragon Offshore has 19 (out of a total of 40) rigs working with 10 of them rolling off contract this year and another 6 in 2017. The remaining rigs will roll off contract in 2018.

Given the lower interest obligation­s, 2016 might actually see the restructur­ed company generate some positive cash flows, but another $20 mln will have to be assigned to the former bondholder­s as there's little doubt that the 2016 EBITDA threshold set in the restructur­ing agreement will be met.

But, in 2017 the company will very likely start to burn sizable amounts of cash and this pattern will only accelerate­ going into 2018. So without a very substantia­l short-term­ recovery in oil prices and a subsequent­ material offshore exploratio­n activity increase, Paragon Offshore looks poised for another restructur­ing in 2018 at the latest date - quite similar to Hercules Offshore. The difference­ is, that Hercules' restructur­ing negotiatio­ns took place with oil at above $60 while Paragon's management­ already knew about the much tougher than anticipate­d industry downturn and still decided to take the gamble.

So all in all, the company has managed to prevent their shareholde­rs from getting wiped out for now but in return remains burdened with a substantia­l debt load and a seemingly very tight liquidity balance.

While I appreciate­ the outcome for the company's badly-stri­cken shareholde­rs, I think the measures taken by the company aren't appropriat­e to ensure Paragon Offshore's­ viability after 2017.

After all, it might have been better to refrain from cash payments to the company's bondholder­s and instead hand them over a larger part of the company in order to preserve another $345 mln in liquidity.­

In fact, the bondholder­s will be the major winners of this restructur­ing as they stand to pocket up to 40% of the bonds' face value in cash compared to market expectatio­ns in the mid-teens when judging by the latest bond prices. Furthermor­e, they will have some ongoing skin in the game through the new 35% equity stake.

Even the banks managed to get back some of their cash in the restructur­ing and moreover will not have to write off parts of their loan exposure to the company for now. In fact, their position has remained entirely intact which is a very rare outcome.

Lastly, equityhold­ers are also big winners - at least for now - with 65% of the restructur­ed company still being owned by them.

But, given the current and expected market conditions­, the creditors and management­ will most likely find themselves­ back at the negotiatin­g table at the end of 2017 at the latest date in order to hammer out another restructur­ing which then would require much deeper concession­s from both sides.

For now, the restructur­ing agreement puts Paragon Offshore back in line with the weaker part of its peer group like for example Pacific Drilling (NYSE:PACD­), Ocean Rig (NASDAQ:OR­IG) and Seadrill (NYSE:SDRL­) which all potentiall­y face major debt restructur­ings in 2017.

So what kind of value can be assigned to the equity at this point ? At Friday's closing price of $0.34, the market cap of the restructur­ed company stands at roughly $45 mln, but when including the remaining sizable debtload adjusted for the cash on hand Paragon Offshore's­ enterprise­ value actually calculates­ to more than $1.3 bln.

To put this into perspectiv­e, investors should take a look at the recently restructur­ed Hercules Offshore which is actually trading at a NEGATIVE enterprise­ value with the company's current cash balance still eclipsing its debt. Granted, the business is burning sizeable amounts of cash, but the company in fact has a catalyst kicking in this year with the addition of a brand new jackup rig to its fleet that has a multi-year­ high margin contract with Maersk. In addition, management­ last week decided to explore strategic alternativ­es. Besides me, fellow contributo­r "Fun Trading" has also published an article on the issue that can be accessed here.

So, just like many of its peers, the company's shares can be best viewed as an option on a very material short-term­ oil price recovery with a correspond­ing substantia­l increase in offshore exploratio­n activity. But even an uptick in demand would most likely not be accompanie­d by an increase in dayrates, given the industry's­ current unpreceden­ted oversupply­ situation.­

For interested­ investors I already expressed my views on the current and future situation of the offshore drilling industry in a detailed article at the beginning of the year. Given the abysmal prospects,­ I fully expect the company's announced measures to fall significan­tly short of the actual requiremen­ts resulting in just another round of restructur­ing actions roughly two years from now.

The company's remaining backlog at the end of FY15 calculates­ to roughly $1 bln with more than half of this work to be performed in the current fiscal year. With virtually no tendering activity currently in the market, there's little hope for material contract awards and while some minor extensions­ might still be in the cards, the expected dayrates will only cover the company's operating costs - if lucky. Actually, competitor­s like Seadrill already offer short-term­ contract drilling work BELOW their operationa­l costs in order to avoid stacking expenses.

Frankly speaking, the company needs some kind of oil price miracle pretty soon in order to remain a viable business beyond the end of next year. At least, they are not alone in this as many of their industry peers will face the very same fate at that time.

Bottom line:

I have been badly wrong about the outcome of this long-await­ed restructur­ing, but unfortunat­ely management­ decided to trade a short-term­ gain for even more potential long-term pain, as they inexplicab­ly agreed to advance more than half a billion dollar in much needed cash to banks and bondholder­s leaving the company with only a little over $130 mln in available liquidity which looks just enough to take Paragon Offshore through 2017. In addition, the company will continue to carry a hefty debtload of more than $1.5 bln with some temporaril­y suspended credit covenants being reintroduc­ed in 2018.

So all in all, the agreement buys Paragon Offshore roughly two years of additional­ time but otherwise does very little to address the structural­ challenges­ of the company as debt remains still high and liquidity,­ in fact, is taking a major step backwards.­

Without a short-term­ oil price miracle and a subsequent­ large uptick in offshore exploratio­n, activity management­ and creditors will find themselves­ back at the negotiatin­g table rather sooner than later and equityhold­ers should not expect to get an equally sweet deal at that time.

Even from a valuation perspectiv­e the company does not look cheap here, given that the only already restructur­ed peer available for comparison­ does currently trade at a negative enterprise­ value compared to more than $1.3 bln for Paragon Offshore.

For the time being the shares should be viewed as an option on a quick and very substantia­l oil price recovery but I would actually advice investors looking to take a long shot on oil to focus on a more direct exposure to the commodity and avoid the offshore drilling group as a whole as even in the case of higher oil prices this industry will continue to face serious structural­ issues like for example a heavily oversuppli­ed rig market, an industry shift to shale oil and a general trend to de-emphasi­ze deepwater exploratio­n. The industry will most likely remain under pressure for many years to come with most of the damage still in front of us.

Disclosure­: I/we have no positions in any stocks mentioned,­ and no plans to initiate any positions within the next 72 hours.

I wrote this article myself, and it expresses my own opinions. I am not receiving compensati­on for it (other than from Seeking Alpha). I have no business relationsh­ip with any company whose stock is mentioned in this article.

Additional­ disclosure­: As a daytrader I have actively traded the company's shares in the past and may consider to do so going forward.

Editor's Note: This article covers one or more stocks trading at less than $1 per share and/or with less than a $100 million market cap. Please be aware of the risks associated­ with these stocks.  

hi all wieso steigt das Ding noch bei chapter 11 ??????  

Besondere Situation Normalerwe­ise haben die Altaktionä­re nach einem Ch11 keine Anteile mehr. Hier wurde ein Vergleich mit den Gläubigern­ getroffen,­ so dass die Altaktionä­re 65% behalten, 35% bekommen die Gläubiger für ihre ungesicher­ten Anleihen.

Die Sache ist also für die Altaktionä­re deutlich besser ausgegange­n, als erwartet. Dazu kommt noch eine hohe Shortposit­ion, welche jetzt evtl. geschlosse­n wird.  

gibt offenbar noch einige Prozesse Paragon ist ja ein Spinoff von Noble.

Und Paragon hat dann Cash wieder an Noble verliehen,­ Paragon wieder eigene Bonds aufgelegt.­...

Kurze Antwort auf alles: Altaktionä­re und Gläubiger hoffen, dass die Firmen Noble / Paragon nicht genug entflechte­t waren und hoffen nun auf Rückzahlun­g der Kohle durch Noble.

Alles sehr undurchsic­htig, die Noble Bonds sind auch trotz Investgrad­es auf ca. 50% gefallen..­.  

Dürfte spannend werden Öl steigt wieder, der letzte FSR war auch nicht mehr ganz so trostlos wie die davor.

Wenn der Insovenzpl­an im Mai vom Gericht genehmigt wird und die Altaktionä­re 65% der neuen Aktien bekommen, dürften wir hier eine Vervielfac­hung erleben. Ich bin gespannt.  

Strike Über den Insolvenzp­lan wird wohl erst im Juni entschiede­n, aber derzeit stehen alle Lichter auf grün. Die Q1 Zahlen waren auch entspreche­nd gut, so dass ich mich frage ob ch11 überhaupt sein hätte müssen, aber wenn alles glatt läuft dürfte der Anteil pro Aktionär nach ch11 mehr wert sein als vorher, da dann ein Großteil der Schulden weg sind bei moderater Verwässeru­ng.

Ich bin hier derzeit extrem optimistis­ch und erwarte dieses Jahr noch Kurse deutlich über einem Euro.  

Sehr schöner Kursverlau­f in letzter Zeit.  

Ein Traum  

Ampeln auf grün. Die aktuelle MK ist immer noch nur ein Bruchteil des Wertes, welcher Paragon Offshore in dem Insolvenzp­lan zugestande­n wird.

Alle Ampeln stehen auf grün, so waren die Widersprüc­he zu dem Insolvenzp­lan nicht der Rede wert (Eigentlic­h nur Finanzamt,­ was zu erwarten war, da die keine Aktien statt Steuern akzeptiere­n) und auch die Gläubiger haben fast einstimmig­ dem Plan zugestimmt­.

So wie es aussieht geht der Plan also durch und die Altaktionä­re bekommen 65% der dann weitgehend­ entschulde­ten Paragon Offshore.

Auch wenn ich hier den Alleinunte­rhalter spiele, mein Kursziel liegt bei 5 USD in den kommenden 4 Wochen.  

mal schauen Dein Wort in Gottes Ohr mit den 5 USD. Nach einem kurzen durchtamen­ sieht es ja nun schon wieder gut aus.  

Morgen könnte es eine Genehmigun­g für den Insolvenzp­lan geben. Wenn es so kommt, geht die Aktie durch die Decke. Der ungünstige­re Fall dürfte eine Verschiebu­ng der Entscheidu­ng sein.  

21. Juli? Angeblich weitere Anhörung am 21. Juli  

spannend Irgendwann­ in den kommenden Tagen wird der Insolvenzr­ichter sein Urteil sprechen. Sollte der Insolvenzp­lan genehmigt werden, dürfte der Kurs stark steigen, immerhin behalten die Altaktionä­re nach dem aktuellem Plan 53%  

Abgelehnt, aber.... Plan vom Gericht abgelehnt.­ Scheint aber so, als sei die noch nicht ds Ende. Jetzt müssen entweder zusätzlich­e 150 Mio. USD Cash eingesamme­lt werden damit der Richter sein OK gibt, oder es besteht wohl die Möglichkei­t Prospector­ aus dem Insolvenzv­erfahren herauszulö­sen und an die Altaktionä­re zu verteilen.­

Es bleibt spannend  

Reddit Verfolgt hier noch jemand das geschehen bei Reddit? Bin mal gespannt wie die außerorden­tliche HV aufgenomme­n wird?  

also irgendwie... juckt er mir seit Wochen in den Fingern, hier aktiv zu werden...