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/raid1/www/Hosts/bankrupt/TCR_Public/170225.mbx T R O U B L E D C O M P A N Y R E P O R T E R Saturday, February 25, 2017, Vol. 21, No. 55 Headlines PARAGON OFFSHORE: Posts $8.43 Million Net Loss in December PREMIER EXHIBITIONS: Files December Operating Report VIOLIN MEMORY: Suffers $1.97 Million Net Loss at Dec. 31 ********* PARAGON OFFSHORE: Posts $8.43 Million Net Loss in December ---------------------------------------------------------- Paragon Offshore plc, et. al., filed with the U.S. Securities and Exchange Commission their monthly operating report for December 2016. Paragon Offshore plc reported a net loss of $8.43 million on $4.94 million of operating revenues for month, an increase compared to $6.75 million net loss recorded for November. As of December 31, 2016, Paragon Offshore plc posted total assets of $4.01 billion, total liabilities of $2.54 billion, and $1.46 billion in total shareholders' equity. The Debtors started the month with $554.46 million cash. They listed $27.76 million in total receipts and $25.65 million in total disbursements. At month end, the Debtors had $552.57 million cash. A copy of the monthly operating report is available at the SEC at: https://is.gd/8opw4O About Paragon Offshore Paragon Offshore plc -- http://www.paragonoffshore.com/-- is a global provider of offshore drilling rigs. Paragon's operated fleet includes 34 jackups, including two high specification heavy duty/harsh environment jackups, and six floaters (four drillships and two semi-submersibles). Paragon's primary business is contracting its rigs, related equipment and work crews to conduct oil and gas drilling and workover operations for its exploration and production customers on a dayrate basis around the world. Paragon's principal executive offices are located in Houston, Texas. Paragon is a public limited company registered in England and Wales and its ordinary shares have been trading on the over-the-counter markets under the trading symbol "PGNPF" since December 18, 2015. Paragon Offshore Plc, et al., filed Chapter 11 bankruptcy Petitions (Bankr. D. Del. Case Nos. 16-10385 to 16-10410) on Feb. 14, 2016, after reaching a deal with lenders on a reorganization plan that would eliminate $1.1 billion in debt. The petitions were signed by Randall D. Stilley as authorized representative. Judge Christopher S. Sontchi is assigned to the cases. The Debtors reported total assets of $2.47 billion and total debt of $2.96 billion as of Sept. 30, 2015. The Debtors engaged Weil, Gotshal & Manges LLP as general counsel, Richards, Layton & Finger, P.A. as local counsel, Lazard Freres & Co. LLC as financial advisor, Alixpartners, LLP as restructuring advisor, and Kurtzman Carson Consultants as claims and noticing agent. PREMIER EXHIBITIONS: Files December Operating Report ---------------------------------------------------- Premier Exhibitions, Inc., filed with the U.S. Securities and Exchange Commission its monthly operating report for December 2016. Premier Exhibitions, Inc., listed zero receipts and disbursements for month of December. The Company also did not post a list of its assets and liabilities. A copy of the monthly operating report is available at the SEC at: https://is.gd/yRc80k About Premier Exhibitions/RMS Titanic, Inc. Premier Exhibitions, Inc. (Nasdaq: PRXI), located in Atlanta, Georgia, is a presenter of museum quality exhibitions throughout the world. Premier --http://www.PremierExhibitions.com/-- develops and displays unique exhibitions for education and entertainment including Titanic: The Artifact Exhibition, BODIES...The Exhibition, Tutankhamun: The Golden King and the Great Pharaohs, Pompeii The Exhibition, Extreme Dinosaurs and Real Pirates in partnership with National Geographic. The success of Premier Exhibitions lies in its ability to produce, manage, and market exhibitions. RMS Titanic and seven of its subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Lead Case No. 16-02230) on June 14, 2016. Former Chief Financial Officer and Chief Operating Officer Michael J. Little signed the petitions. The Chapter 11 cases are assigned to Judge Paul M. Glenn. The Debtors estimated both assets and liabilities of $10 million to $50 million. Guy Gebhardt, acting U.S. trustee for Region 21, on Aug. 24, 2016, appointed three creditors to serve on the official committee of unsecured creditors of RMS Titanic, Inc., and its affiliates. The Committee hired Storch Amini & Munves PC and Thames Markey & Heekin, P.A. as counsel. VIOLIN MEMORY: Suffers $1.97 Million Net Loss at Dec. 31 -------------------------------------------------------- Violin Memory, Inc., filed with the U.S. Securities and Exchange Commission its monthly operating report for the period from December 14, 2016, through December 31, 2016. The Debtor's statement of operations recorded a net loss of $1.97 million on $968,953 of total revenue for the current reporting period. As of December 31, 2016, the Debtor had $27.75 million in total assets, $144.68 million in total liabilities, and $115.93 million in total stockholders' deficit. At December 14, 2016, the Debtor had $3.68 million cash. It had total receipts of $1.29 million and total disbursements of $978,557. The Debtor had $3.99 million cash at December 31, 2016. A copy of the monthly operating report is available at the SEC at: https://is.gd/Z679rQ About Violin Memory, Inc. Violin Memory, Inc., develops and supplies memory-based storage systems for high-speed applications, servers and networks in the Americas, Europe and the Asia Pacific. Founded in 2005, the Company is headquartered in Santa Clara, California. Violin Memory sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 16-12782) on Dec. 14, 2016. The petition was signed by Cory J. Sindelar, chief financial officer. At the time of the filing, the Debtor disclosed $38.93 million in assets and $145.4 million in liabilities. Pillsbury Winthrop Shaw Pittman LLP serves as the Debtor's legal counsel while Justin R. Alberto, Esq. and Scott D. Cousins, Esq., at Bayard, P.A., serves as co-counsel. The Debtor has hired Houlihan Lokey Capital, Inc., as financial advisor and investment banker. Prime Clerk LLC serves as administrative advisor. The U.S. Trustee, on Dec. 27, 2016, named three creditors to serve on the official committee of unsecured creditors Wilmington Trust, N.A., Clinton Group, Inc., and Forty Niners SC Stadium Company LC. The Committee hires Cooley LLP as lead counsel, and Elliot Greenleaf as its Delaware counsel. * * * According to Matt Chiappardi at Bankruptcy Law360, Violin Memory told the Bankruptcy Court on Jan. 30, 2017, that a unit of major creditor Soros Fund Management LLC put in the winning bid for its assets with an offer valued at least $14.5 million, but it needs more time to negotiate terms of a Chapter 11 plan sponsorship agreement. Violin Memory filed with the Bankruptcy Court a notice identifying VM Bidco LLC as the winner of its three-day auction in New York. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog, Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa, Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2017. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $975 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Peter A. Chapman at 215-945-7000 or Nina Novak at 202-362-8552. *** End of Transmission ***