16 Nov 2015substantial holder notice● Neutral
SOROS FUND MANAGEMENT LLC, GEORGE SOROS, ROBERT SOROS disclosed a new substantial HERCULES OFFSHORE, INC. shareholding (7.02% of votes).
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
5 Nov 2015quarterly activities report▼ Bad
HERCULES OFFSHORE, INC. reported a quarterly net loss of $95.4 million for the period ended 2015-09-30.
5 Nov 2015quarterly activities report▼ Bad
HERCULES OFFSHORE, INC. reported a quarterly net loss of $95.4 million for the period ended 2015-09-30.
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 July 2015quarterly activities report▼ Bad
HERCULES OFFSHORE, INC. reported a quarterly net loss of $88.3 million for the period ended 2015-06-30.
23 July 2015quarterly activities report▼ Bad
HERCULES OFFSHORE, INC. reported a quarterly net loss of $88.3 million for the period ended 2015-06-30.
10 July 2015substantial holder notice● Neutral
BlackRock, Inc reported a HERCULES OFFSHORE, INC. shareholding of 3,937,089 shares (2.40% of votes) in a periodic institutional filing.
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.
26 May 2015agm notice● Neutral
HERCULES OFFSHORE, INC. shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
19 May 2015production update● Neutral
Routine monthly fleet-status notice, same website-only reporting pattern.
29 Apr 2015quarterly activities report▼ Bad
HERCULES OFFSHORE, INC. reported a quarterly net loss of $57.1 million for the period ended 2015-03-31.
29 Apr 2015quarterly activities report▼ Bad
HERCULES OFFSHORE, INC. reported a quarterly net loss of $57.1 million for the period ended 2015-03-31.
22 Apr 2015production update● Neutral
Routine monthly fleet-status notice, continuing after the Nasdaq bid-price compliance warning.
1 Apr 2015agm notice● Neutral
HERCULES OFFSHORE, INC. announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
30 Mar 2015listing compliance notice▼ BadMajor
Nasdaq warned Hercules that its stock had closed below the $1.00 minimum bid price for 30 straight days, starting a 180-day clock (to September 21, 2015) to regain compliance or face delisting -- a classic penny-stock distress signal as the oil-price crash deepened.
23 Mar 2015production update● Neutral
Routine monthly fleet-status notice, filed days before Nasdaq's minimum-bid-price warning to the company.
19 Feb 2015production update● Neutral
Routine monthly fleet-status notice continuing the same pattern.
12 Feb 2015quarterly activities report▼ Bad
HERCULES OFFSHORE, INC. reported a quarterly net loss of $57.1 million for the period ended 2015-03-31.
10 Feb 2015substantial holder notice● Neutral
The Vanguard Group reported a HERCULES OFFSHORE, INC. shareholding of 7,215,526 shares (4.48% of votes) in a periodic institutional filing.
30 Jan 2015substantial holder notice● Neutral
BlackRock, Inc reported a HERCULES OFFSHORE, INC. shareholding of 9,537,465 shares (5.90% of votes) in a periodic institutional filing.
22 Jan 2015production update● Neutral
Routine monthly fleet-status notice with no rig-level data filed with the SEC.
16 Dec 2014production update● Neutral
Routine monthly fleet-status notice, same website-only reporting pattern.