Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers H > Headlines for Hermitage Offshore Services Ltd. > News item |
Hermitage Offshore Services wins confirmation of Chapter 11 plan
By Sarah Lizee
Olympia, Wash., June 23 – Hermitage Offshore Services Ltd. received confirmation of its Chapter 11 plan from the U.S. Bankruptcy Court for the Southern District of New York, according to an order filed Wednesday.
The debtors have already closed the sales of substantially all of their assets, comprised of 21 offshore support vessels under a court-approved sale process, as previously reported.
Under the plan, the debtors intend to wind down any of their remaining businesses and affairs and to effectuate a distribution of assets to their creditors and interest holders.
Holders of other priority claims will receive payment in full in cash of the unpaid portion of their claims.
Holders of pre-petition secured term facility claims will receive their pro rata share of the debtors’ assets, as well as cash in the debtors’ estates after the wind down is completed.
Holders of general unsecured claims will receive their pro rata share of the $15,000 GUC recovery fund.
Intercompany claims, intercompany interests, section 510(b) claims and holding company interests will be canceled with no distribution.
Hermitage Offshore is a Hamilton, Bermuda-based offshore support vessel company that owns vessels operating primarily in the North Sea or the West Coast of Africa. The company filed bankruptcy on Aug. 11, 2020 under Chapter 11 case number 20-11850.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.