Hercules Offshore secures final court OK to access cash collateral

By Caroline Salls

Pittsburgh, July 15 – Hercules Offshore, Inc. obtained final court approval to use the cash collateral of its pre-bankruptcy secured parties, according to an order filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

The cash collateral will be used to fund Hercules’ operations while in bankruptcy.

The company’s access to cash collateral will terminate on Sept. 1.

Hercules, a Houston-based provider of offshore drilling equipment and services, filed bankruptcy on June 6. The Chapter 11 case number is 16-11385.

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