Hercules Offshore plan deadlines extended; bids received for assets

By Caroline Salls

Pittsburgh, Aug. 18 – Hercules Offshore, Inc. and some of its domestic and foreign direct and indirect subsidiaries entered into a second amendment to the restructuring support agreement reached with an informal group of lenders, according to an 8-K filed Thursday with the Securities and Exchange Commission.

Under the Aug. 12 amendment, the outside date by which the company’s Chapter 11 plan must be confirmed was extended to Sept. 30, and the plan effective date deadline was extended to Oct. 14.

Hercules said the amendment was necessitated by a change to the timeline of its Chapter 11 cases resulting from an agreement to participate in mediation related to plan objections.

The company said court-ordered mediation before Christopher S. Sontchi is expected to take place on Sept. 6. In order to allow the mediation to proceed, the plan confirmation hearing was adjourned to Sept. 22 from Aug. 10.

In addition, the Hercules entities said they have received bids in the form of letters of intent for many of their other assets.

As a result of these and related events and the company’s limited resources, Hercules said it intends to suspend the filing of its regular periodic 10-K and 10-Q reports with the SEC.

Hercules, a Houston-based provider of offshore drilling equipment and services, filed bankruptcy on June 6 in the U.S. Bankruptcy Court for the District of Delaware. The Chapter 11 case number is 16-11385.

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