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"Hercules Offshore, Inc. announced that, after receiving votes on the Company's pre-packaged Chapter 11 Plan (the 'Plan') from lenders holding approximately 99.7% of the Company's first lien debt (the 'lenders'), with all such lenders voting to accept the Plan, the Company and certain of its U.S. subsidiaries have filed voluntary petitions under...", www.abladvisor.com
"Things have become so bad across the oil industry in 2016 that one company in the drilling services sector is preparing to file a second bankruptcy in the past nine months. Hercules Offshore filed last August for Chapter 11 bankruptcy protection, as the plunge in the price of gas and oil has sent a rippling […]", www.thecerbatgem.com
"A Houston offshore rig operator will soon retreat into bankruptcy for the second time in nine months, putting as many as 1,000 jobs in jeopardy as it prepares to liquidate its assets in the face of persistently low oil prices. Hercules Offshore, which has its headquarters in Greenway Plaza, is the first of more than 130 North American oil producers and service firms to twice seek bankruptcy protection since crude prices began their slide in the summer of 2014. Unlike many of these companies, Hercules won't reorganize and return to the oil fields; it said Friday that it plans to file a prepackaged Chapter 11 bankruptcy that will allow it to unwind operations and sell off equipment and businesses to pay creditors. Market research firm Debtwire estimates 168 North American energy companies were in financial distress this month, and that many of them will likely declare bankruptcy since they have few alternatives after already slashing costs and jobs. Part of the loan was to", www.houstonchronicle.com
"As good as things have been for energy stocks this year, offshore drillers like Ensco (ESV), Noble (NE), and Transocean (RIG) have dropped by at least 20% in 2016--and today's announcement that Hercules Offshore (HERO) had filed for bankruptcy again serves as a reminder that the sector isn't out of the woods just yet, even if the major players will likely avoid Hercules's fate.", blogs.barrons.com
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