Offshore drilling services firm Hercules Offshore, which filed its second bankruptcy in less than a year, laid off 60 employees at its Houston headquarters.
The company is expected to undertake further measures whilst undergoing restructuring.
As part of the bankruptcy process, Hercules anticipates a complete shutdown of its facilities.
This has resulted in the permanent terminations of 60 employees at the company’s Houston headquarters, according to data sent to the Texas Workforce Commission (TWC).
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