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Hercules Offshore wins court approval of reorganization plan

  • Hercules Offshore (NASDAQ:HERO) may become the first major energy sector company to exit bankruptcy since the crude oil downturn, as it wins court approval of its reorganization plan, setting it on a path to officially exit bankruptcy by the end of October.
  • HERO will be taken over by its senior noteholders in exchange for reducing the $1.2B they are owed; some of the noteholders will lend the company $450M to help finish building a new drilling rig.
  • HERO was able to get through the bankruptcy process less than two months after filing Chapter 11 by spending nine months negotiating with creditors before it filed, says an attorney for HERO.

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