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Hercules Offshore to File for Bankruptcy a Second Time

Source: Reuters 5/27/2016, Location: North America

Hercules Offshore Inc planned to file for prepackaged Chapter 11 bankruptcy, just six months after the rig contractor emerged from bankruptcy protection. The company said it had entered into a restructuring support agreement with some lenders, which will eventually allow it to place all its unsold assets into a wind-down vehicle until they can be sold.

Hercules Offshore said its international units would not be included in the bankruptcy filing, but would be a part of the sale process.

The company said in February that it was considering strategic options, including selling itself.

Hercules filed for Chapter 11 bankruptcy protection in August 2015 and emerged from bankruptcy in November.

"Since this time, the ongoing decline in oil prices, the consolidation of its U.S. customer base and the addition of new capacity have negatively impacted dayrates and demand for Hercules's services," the company said in a statement.

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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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