Paragon Offshore Plc and certain subsidiaries agreed to begin Chapter 11 bankruptcy proceedings in U.S. Bankruptcy Court in the District of Delaware.

Paragon entered a plan support agreement on Feb. 12 that was signed by an ad hoc committee representing about 77% of the bondholders of senior unsecured notes and a group of about 96% of the revolver lenders under the senior secured revolving credit agreement. An additional member of the revolving credit agreement group signed the plan.

Certain first-day motions were filed with the court to ease normal course operations during the bankruptcy process. U.K.-based Paragon expects to maintain sufficient liquidity to maintain its business operations.

Paragon plans to file an 8-K form with the Securities and Exchange Commission.

Kurtzman Carson Consultants is the claims agent. Weil, Gotshal & Manges LLP is Paragon’s legal counsel and Lazard is financial adviser.