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Hercules Offshore RSA Amended, Dates Extended

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According to filings with the SEC, Hercules Offshore and certain of its U.S. domestic direct and indirect subsidiaries and certain of the Company’s other domestic and foreign direct and indirect subsidiaries, collectively the ‘HERO Entities’ entered into a Restructuring Support Agreement with an ad hoc group of lenders representing approximately 99% of the obligations outstanding under the Credit Agreement, among the Company and certain of its subsidiaries, as guarantors, and Jefferies Finance LLC, as administrative agent and collateral agent, and the lenders party thereto.

The HERO Entities entered into Amendment No. 2 to Restructuring Support Agreement with each of the Ad Hoc Group Members. Pursuant to the RSA Amendment: the outside date to enter a confirmation order with the Court is extended to September 30, 2016; and the outside date to consummate the Plan is extended to October 14, 2016. The RSA Amendment was necessitated by a change to the timeline of the Debtors’ chapter 11 cases occasioned by the agreement of the Debtors, the Ad Hoc Group and the official committee of equity security holders appointed in the Debtors’ chapter 11 cases to participate in, and the determination by the Court to order, mediation with respect to certain objections filed to the Plan and related matters. Court-ordered mediation before The Honorable Christopher S. Sontchi is expected to take place on September 6, 2016. In order to permit the mediation to proceed, the hearing to consider confirmation of the Plan was adjourned from August 10, 2016 and is currently scheduled to commence on September 22, 2016.

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The post Hercules Offshore RSA Amended, Dates Extended appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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