TCR_Public/170729.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, July 29, 2017, Vol. 21, No. 209

                            Headlines

CAESARS ENTERTAINMENT: Gains $79.4 Million Net Income in May
CIBER INC: Incurs $2.68 Million Net Loss in May
PARAGON OFFSHORE: Incurs $9.27 Million Net Loss in May

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CAESARS ENTERTAINMENT: Gains $79.4 Million Net Income in May
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Caesars Entertainment Operating Company, Inc. (CEOC), a majority
owned subsidiary of Caesars Entertainment Corporation, et. al.,
filed with the U.S. Securities and Exchange Commission its monthly
operating report for May 2017.

The Debtors' statement of operations showed a net income of $79.4
million on net revenue of $323.2 million in May, an increase from
$36.3 million net income recorded for the previous month.

As of May 31, 2017, the Debtors posted $11.49 billion in total
assets, $21.59 billion in total liabilities, and $10.09 billion in
total shareholders' deficit.

A copy of the monthly operating report is available for free at the
SEC at http://bit.ly/2eDMTFF    

                     About Caesars Entertainment

Caesars Entertainment Corp., formerly Harrah's Entertainment Inc.,
is one of the world's largest casino companies.  Caesars casino
resorts operate under the Caesars, Bally's, Flamingo, Grand
Casinos, Hilton and Paris brand names.  The Company has its
corporate headquarters in Las Vegas.  Harrah's announced its
re-branding to Caesar's in mid-November 2010.

In January 2015, Caesars Entertainment and subsidiary Caesars
Entertainment Operating Company, Inc., announced that holders of
more than 60% of claims in respect of CEOC's 11.25% senior secured
notes due 2017, CEOC's 8.5% senior secured notes due 2020 and
CEOC's 9% senior secured notes due 2020 have signed the Amended and
Restated Restructuring Support and Forbearance Agreement, dated as
of Dec. 31, 2014, among Caesars Entertainment, CEOC and the
Consenting Creditors.  As a result, The RSA became effective
pursuant to its terms as of Jan. 9, 2015.

Appaloosa Investment Limited, et al., owed $41 million on account
of 10% second lien notes in the company, filed an involuntary
Chapter 11 bankruptcy petition against CEOC (Bankr. D. Del. Case
No.  15-10047) on Jan. 12, 2015.  The bondholders are represented
By Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
LLP.

CEOC and 172 other affiliates -- operators of 38 gaming and resort
properties in 14 U.S. states and 5 countries -- filed Chapter 11
bankruptcy petitions (Bank. N.D. Ill.  Lead Case No. 15-01145) on
Jan. 15, 2015.  CEOC disclosed total assets of $12.3 billion and
total debt of $19.8 billion as of Sept. 30, 2014.

Delaware Bankruptcy Judge Kevin Gross entered a ruling that the
bankruptcy proceedings will proceed in the U.S. Bankruptcy Court
for the Northern District of Illinois.

Kirkland & Ellis serves as the Debtors' counsel.  AlixPartners is
the Debtors' restructuring advisors.  Prime Clerk LLC acts as the
Debtors' notice and claims agent.  Judge Benjamin Goldgar presides
over the cases.

The U.S. Trustee has appointed an official committee of second
priority noteholders and an official unsecured creditors'
committee.

The U.S. Trustee appointed Richard S. Davis as Chapter 11 examiner.
The examiner retained Winston & Strawn LLP, as his counsel; Alvarez
& Marsal Global Forensic and Dispute Services, LLC, as financial
advisor; and Luskin, Stern & Eisler LLP, as special conflicts
counsel.

                        *     *     *

On Jan. 17, 2017, the U.S. Bankruptcy Court for the Northern
District of Illinois confirmed the Third Amended Joint Plan of
Reorganization of Caesars Entertainment Operating Company, Inc. and
its affiliated debtors.


CIBER INC: Incurs $2.68 Million Net Loss in May
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CIBER Inc., et. al., filed with the U.S. Securities and Exchange
Commission their monthly operating report for May 2017.

CIBER Inc. suffered a net loss of $2.68 million on total
revenues of $26.55 million for the month.

As of May 31, 2017, CIBER Inc. posted $127.11 million in total
assets, $100.14 million in total liabilities, and $26.97 million in
total shareholders' equity.

The Debtors started the month with $3.10 million cash.  They listed
$27.26 million in total receipts and $29.47 million in total
disbursements.  Taking into account Borrow (pay-down) - Wells
Fargo Facility and other accounts, the Debtors ended the month with
$6.75 million cash.

A copy of the monthly operating report is available for free at the
SEC at http://bit.ly/2vL8Shf   

                     About CIBER Inc.
                          
CIBER, Inc. -- http://www.ciber.com/-- is a global information
technology consulting, services and outsourcing company.  

CIBER, Inc., and two other affiliates sought bankruptcy protection
on April 9, 2017 (Bankr. D. Del. Lead Case No. 17-10772).  The
petition was signed by Christian Mezger, chief financial officer.

The Debtors disclosed total assets of $334.2 million and total
liabilities of $171.9 million as of Sept. 30, 2016.

The Hon. Brendan Linehan Shannon presides over the case.  

Morrison & Foerster LLP is the Debtors' lead bankruptcy counsel.
Polsinelli, PC, serves as co-counsel while Saul Ewing LLP serves as
local counsel.  The Debtors also hired Houlihan Lokey as investment
banker and financial advisor; Alvarez & Marsal North America, LLC,
as restructuring advisor; and Prime Clerk LLC as noticing and
claims agent.

An official committee of unsecured creditors has been appointed in
the Chapter 11 case.  The committee hired Perkins Coie, LLP as
bankruptcy counsel; Shaw Fishman Glantz & Towbin LLC as co-counsel;
and BDO Consulting as financial advisor.


PARAGON OFFSHORE: Incurs $9.27 Million Net Loss in May
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Paragon Offshore plc, et. al., filed with the U.S. Securities and
Exchange Commission their monthly operating report for May 2017.

Paragon Offshore plc reported a net loss of $9.27 million on
operating revenues of $3.11 million for May, as compared to
$9.58 million net loss posted in April.

As of May 31, 2017, Paragon Offshore plc posted total assets of
$4.04 billion, total liabilities of $2.62 billion, and total
shareholder's equity of $1.42 billion.

The Debtors started the month with $484.85 million cash.  They
listed $10.52 million in total receipts and $25.42 million in total
disbursements.  At month end, the Debtors had $464.51 million
cash.

A copy of the monthly operating report is available at the SEC at:

                   http://bit.ly/2uLmqfr    

                   About Paragon Offshore

Houston, Texas-based Paragon Offshore plc (OTC: PGNPQ) --
http://www.paragonoffshore.com/-- is a global provider of offshore
drilling rigs.  Paragon is a public limited company registered in
England and Wales.

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; PricewaterhouseCoopers LLP as auditor and tax advisor; and
Kurtzman Carson Consultants as claims and noticing agent.

No request has been made for the appointment of a trustee or an
examiner in the cases.

On Jan. 27, 2017, the Office of the U.S. Trustee appointed an
official committee of unsecured creditors.  Paul, Weiss, Rifkind,
Wharton & Garrison LLP serves as main counsel to the Committee and
Young Conaway Stargatt & Taylor, LLP acts as co-counsel.  The
committee retained Ducera Partners LLC as financial advisor.

Counsel to JPMorgan Chase Bank, N.A. (a) as administrative agent
under the Senior Secured Revolving Credit Agreement, dated as of
June 17, 2014, and (b) as collateral agent under the Guaranty and
Collateral Agreement, dated as of July 18, 2014, are Sandeep Qusba,
Esq., and Kathrine A. McLendon, Esq., at Simpson Thacher & Bartlett
LLP.  PJT Partners serves as its financial advisor.

Delaware counsel to JPMorgan Chase Bank, N.A. are Landis Rath &
Cobb LLP's Adam G. Landis, Esq.; Kerri K. Mumford, Esq.; and
Kimberly A. Brown, Esq.

Counsel to Cortland Capital Market Services L.L.C. as
administrative agent under the Senior Secured Term Loan Agreement,
dated as of July 18, 2014, are Arnold & Porter Kaye Scholer LLP's
Scott D. Talmadge, Esq.; Benjamin Mintz, Esq.; and Madlyn G.
Primoff, Esq.

Delaware counsel to Cortland Capital Market Services L.L.C. are
Potter Anderson & Corroon LLP's Jeremy W. Ryan, Esq.; Ryan M.
Murphy, Esq.; and D. Ryan Slaugh, Esq.

Counsel to Deutsche Bank Trust Company Americas as trustee under
the Senior Notes Indenture, dated as of July 18, 2014, for the
6.75% Senior Notes due 2022 and the 7.25% Senior Notes due 2024,
are Morgan, Lewis, & Bockius LLP's James O. Moore, Esq.; Glenn E.
Siegel, Esq.; and Joshua Dorchak, Esq.

Freshfields Bruckhaus Deringer LLP serves as legal counsel to the
Term Loan Agent and FTI Consulting, Inc. serves as its financial
advisor.

                          *     *     *

Paragon Offshore said June 7, 2017, that the Bankruptcy Court has
approved the Company's consensual plan of reorganization.  Under
the Consensual Plan, which the Company announced May 2, 2017,
Paragon's existing equity will be deemed worthless and the
company's secured creditors and unsecured bondholders will receive
equity in a new reorganized parent company.

Under the Consensual Plan of Reorganization, approximately $2.4
billion of previously existing debt will be eliminated in exchange
for a combination of cash and to-be-issued new equity.  If
confirmed, the Secured Lenders will receive their pro rata share of
$410 million in cash and 50% of the new, to-be-issued common
equity, subject to dilution.  The Bondholders will receive $105
million in cash and an estimated 50% of the new, to-be-issued
common equity, subject to dilution. The Secured Lenders and
Bondholders will each appoint three members of a new board of
directors to be constituted upon emergence of the Company from
bankruptcy and will agree on a candidate for Chief Executive
Officer who will serve as the seventh member of the board of
directors of the Company.

As a necessary component of the Consensual Plan, Paragon Offshore
filed before the High Court of Justice, Chancery Division,
Companies Court of England and Wales an application for
administration in the United Kingdom and sought an order appointing
two partners of Deloitte LLP as administrators of the company.  The
application was granted on May 23, 2017.

Neville Barry Kahn and David Philip Soden were appointed Joint
Administrators of Paragon Offshore Plc on May 23, 2017.  The
affairs, business and property of the Company are managed by the
Joint Administrators.  The Joint Administrators act as agents of
the Company and contract without personal liability.


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