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Hercules Offshore to File Chapter 11 Again
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Hercules Offshore, Inc. has entered into a Restructuring Support Agreement (RSA) with lenders holding approximately 99 percent of the indebtedness under its first lien credit agreement. The agreement seeks to maximize value for the Company's stakeholders and provide a smooth transition for employees, customers and suppliers through an orderly sale of the Company's assets.
The Company's international subsidiaries will not be included as part of the Chapter 11 cases but will be part of the sale process.
As part of the process, Hercules also announced today that it has entered into a definitive agreement to transfer the right to acquire the newbuild harsh environment jack-up rig, formerly named Hercules Highlander, to a subsidiary of Maersk Drilling. The rig is ready for immediate delivery…
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