Hercules Offshore entered into a restructuring support agreement (RSA) with its lenders through a pre-packaged Chapter-11 plan.
The plan provides for an orderly sale process, and ensures that its unsecured creditors would be repaid entirely on their obligations.
Further, the company’s international subsidiaries would not be included as part of Chapter-11 filing but would be a part of the sale process.
Separately, Hercules Offshore agreed to transfer the right to buy the Hercules Highlander jack-up rig to a subsidiary of Maersk Drilling.
Source: Market Watch