Paragon Offshore to file for pre-packaged bankruptcy

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The Houston-based driller, which has rigs around the world, has been struggling with a heavy debt load.

Paragon decided not to make a $15.4 million bond interest payment due Jan. 15, triggering a 30-day grace period before default.

Paragon had $732 million in cash at Sept. 30, according to public filings.

(Reporting by Amrutha Gayathri in Bengaluru and Jessica DiNapoli in New York)