4 Jan 2017listing compliance notice▼ BadMajor
HERCULES OFFSHORE, INC. suspended its duty to file periodic reports with the SEC.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
2 Dec 2016listing compliance notice▼ BadMajor
HERCULES OFFSHORE, INC. deregistered its securities, ending its obligation to file reports with the SEC.
2 Dec 2016bankruptcy or receivership▼ BadMajor
The liquidation plan took effect on December 2, 2016: the common stock and the warrants (expiring November 8, 2021) were cancelled and extinguished, all directors' and officers' terms expired and the board resigned. The company says it intends to file Form 15 to end its SEC registration, after which it will stop filing periodic and current reports. Also on December 2, subsidiary Hercules British Offshore Limited agreed to sell the jackup rigs Hercules Triumph and Hercules Resilience to Magni Drilling Limited for $130 million cash, expected to close on or before January 10, 2017 subject to conditions.
17 Nov 2016bankruptcy or receivership▼ BadMajor
The Delaware bankruptcy court confirmed Hercules's modified liquidation plan on November 15, 2016, after a November 1 memorandum decision to confirm it. Under the plan all equity interests in the company are cancelled and extinguished, and beneficial interests in a new Wind Down Entity, which will sell or otherwise dispose of the assets, go to former common stockholders once the plan is consummated. The filing also furnishes monthly operating reports for July, August and September 2016; the July report shows ending cash of about $152.4 million.
7 Nov 2016asset acquisition disposition● NeutralMajor
Hercules and its lender group reached a mediated settlement trimming the first-lien claim from $579 million to $546.5 million and again pushed out the wind-down plan's confirmation deadlines -- the last negotiated step before the liquidation plan was finalized.
3 Nov 2016listing compliance notice▼ BadMajor
HERCULES OFFSHORE, INC. deregistered its securities, ending its obligation to file reports with the SEC.
1 Sept 2016material agreement▼ BadMajor
Hercules Offshore Middle East agreed to sell jackup rigs Hercules 261, 262 and 266 to Egypt's ADES for $65,088,800 in cash. Closing was expected within 60 days, subject to conditions including novation of certain drilling contracts.
18 Aug 2016material agreement▼ Bad
Hercules and the lenders holding about 99% of its post-emergence credit facility pushed back the deadlines for confirming its wind-down plan (to September 30 and October 14, 2016) after the court ordered mediation over objections from the company's own equity holders' committee.
5 July 2016listing compliance notice● NeutralMajor
HERCULES OFFSHORE, INC.'s exchange filed to remove a class of its securities from listing.
9 June 2016listing compliance notice▼ BadMajor
Nasdaq notified Hercules it would be delisted following its second Chapter 11 filing, with trading suspended June 15, 2016 and the company not planning to appeal -- the end of Hercules Offshore as a listed company; its stock was expected to move to the OTC Pink market if a market maker would even quote it.
6 June 2016bankruptcy or receivership▼ BadMajor
Hercules and 13 named U.S. subsidiaries filed a pre-packaged Chapter 11 case on June 5, 2016 in Delaware (Case No. 16-11385), after lenders holding about 99.7% of the first lien debt voted to accept the plan, all in favour. This is the liquidating case flagged in the May filings: all assets are to be marketed for sale, with unsold ones going into a wind-down vehicle, and the international subsidiaries are outside the case but part of the sale. Unsecured creditors are to be paid in full; shareholders get their share of $12.5 million on the effective date plus later cash and wind-down interests if their class votes to accept, or only wind-down interests, paid after lenders are paid in full, if it rejects.
31 May 2016business combination▼ Bad
Hercules disclosed the confidential financial projections it had shared with lenders and stockholders while exploring a recapitalization or other strategic alternative -- material required to be released now that those talks concluded, with the company heading toward wind-down rather than a rescue deal.
27 May 2016asset acquisition disposition▼ BadMajor
Hercules transferred the Hercules Highlander rig and its contracts to Maersk Highlander UK, which took on the $196 million final installment. Lenders then accelerated the loans and called the $200 million escrow, and Hercules signed a support agreement for a Chapter 11 controlled wind-down.
29 Apr 2016debt default or forbearance▼ BadMajor
Lenders extended Hercules's forbearance to 31 May 2016 but made it terminable on two business days' notice any time after 4 May. Separately, Jurong Shipyard in Singapore warned that Hercules would be in default under the rig construction contract if it did not take delivery of the Hercules Highlander by 5 May - which the forbearance itself prevents, since the escrow that funds the rig stays locked while it runs.
21 Apr 2016debt default or forbearance▼ BadMajor
Five months after emerging from Chapter 11 with a $450 million Jefferies-led term loan, Hercules signed a forbearance agreement running only to 28 April 2016: lenders had asserted breaches of two administrative covenants - registering a Nigerian vessel mortgage and winding up a Gibraltar guarantor - which the company says it may have defences to. While the forbearance runs Hercules cannot draw the $200 million held in escrow and so cannot pay for or take delivery of its newbuild rig Hercules Highlander, and it has agreed to negotiate a recapitalisation, sale or loan restructuring with the lenders.
23 Mar 2016production update● Neutral
Routine monthly fleet-status notice, one of the last filed before Hercules's second Chapter 11 case and final wind-down.
25 Feb 2016production update● Neutral
Routine monthly fleet-status notice, filed as the reorganized company was already sliding back into covenant distress.
26 Jan 2016production update● Neutral
Routine monthly fleet-status notice filed after Hercules emerged from its first Chapter 11 case.
24 Nov 2015production update● Neutral
Routine monthly fleet-status notice, same pattern during Chapter 11.
6 Nov 2015bankruptcy or receivership● NeutralMajor
Hercules emerged from its first Chapter 11 on November 6, 2015, as the plan took effect. It signed a $450.0 million Jefferies-led senior secured term loan maturing May 6, 2020, with $200.0 million of proceeds held in escrow for the remaining payment on the Hercules Highlander newbuild rig. It also set up 5,000,000 warrants to buy new common stock at $70.50 per share, issued to holders of certain old equity interests under the plan, expiring November 8, 2021 or earlier on a change of control or affiliated asset sale. The loan carries covenants including minimum liquidity and, from 2017, a maximum leverage ratio; the filing text provided is truncated, so the share treatment beyond the warrants is not shown.
6 Nov 2015listing compliance notice▲ GoodMajor
Nasdaq certified HERCULES OFFSHORE, INC.'s securities for listing, clearing them to begin trading.
27 Oct 2015production update● Neutral
Routine monthly fleet-status notice continuing during the Chapter 11 case.
9 Oct 2015bankruptcy or receivership● NeutralMajor
In the first Chapter 11 case (filed August 13, 2015), the court confirmed the prepackaged reorganization plan on September 24, 2015, and the confirmation order became final on October 8, 2015 after a single-issue appeal. The company says it will emerge once remaining conditions are met; the filing also furnishes the August 2015 monthly operating report. The filing does not say what happens to existing shareholders' shares.
22 Sept 2015production update● NeutralMajor
Hercules posted its fleet status report and filed management's unaudited financial projections as part of the second supplement to its prepackaged Chapter 11 plan. The filing carried heavy caveats that the projections were unreliable and not necessarily indicative of future results.
27 Aug 2015listing compliance notice● NeutralMajor
HERCULES OFFSHORE, INC.'s exchange filed to remove a class of its securities from listing.
25 Aug 2015production update● Neutral
Routine monthly fleet-status notice, now filed while Hercules operated as a debtor-in-possession under Chapter 11.
17 Aug 2015bankruptcy or receivership▼ BadMajor
Hercules and substantially all of its U.S. subsidiaries filed voluntary Chapter 11 petitions in Delaware on August 13, 2015. Nasdaq staff determined the stock would be delisted and the company did not intend to appeal; noteholders voted overwhelmingly for the plan and trade creditors were expected to be paid in full.
23 June 2015production update● Neutral
Routine monthly fleet-status notice filed days before Hercules signed its Chapter 11 restructuring support agreement.
17 June 2015debt financing▼ BadMajor
Hercules and more than two-thirds of its noteholders agreed to a pre-packaged Chapter 11 restructuring that would wipe out roughly $1.2 billion of notes and its remaining 2038 convertibles in exchange for new equity and $450 million of new first-lien debt (partly to finish the newbuild rig Hercules Highlander) -- the company's first bankruptcy filing is now just a formality away.
19 May 2015production update● Neutral
Routine monthly fleet-status notice, same website-only reporting pattern.