Moody’s cuts Hercules Offshore on bankruptcy

Moody's Investors Service said it downgraded Hercules Offshore, Inc.'s probability of default rating to D-PD from Caa1-PD and affirmed its Caa1 corporate family rating and Caa1 first-lien senior secured term loan rating.

This action follows the company's announcement that it filed voluntary petitions under Chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware, seeking to pursue a pre-packaged Chapter 11 plan.

Hercules previously emerged from Chapter 11 bankruptcy on Nov. 6, 2015.

The outlook remains negative.

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