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Hercules Offshore Plan, Supplement Filed

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Hercules Offshore filed with the U.S. Bankruptcy Court an Amended and Modified Joint Prepackaged Chapter 11 Plan that incorporates a mediation settlement.

Documents filed with the Court explain, “Class 3 First Lien Claims shall be Allowed Secured Claims pursuant to the Plan in an amount equal to the outstanding principal and the Applicable Premium in the amount of $579 million, plus accrued and unpaid prepetition and postpetition interest and postpetition fees and other expenses, if any, due on the First Lien Claims as of the Effective Date, less the Escrow Release Payment and any payments of principal or Applicable Premium under the First Lien Credit Agreement previously made to the First Lien Lenders during the Chapter 11 Cases.”

The Disclosure Statement continues, “The Wind Down Entity shall make distributions to holders of Wind Down Entity Interests as follows (the ‘Wind Down Entity Waterfall’): If Class 7 HERO Common Stock votes to accept the Plan, (i) after $420 million has been paid to the First Lien Lenders in the aggregate on (x) the First Lien Claims (inclusive of the Escrow Release Payment and any payments of principal or Applicable Premium under the First Lien Credit Agreement previously made to the First Lien Lenders during the Chapter 11 Cases, but exclusive of interest and periodic adequate protection payments other than adequate protection payments designated as principal payments or payments of Applicable Premium) and (y) the Acceptance Lender Wind Down Claim, to the extent not already paid, the Shareholder Supplemental Cash Distribution; and (ii) after payment in full of the Acceptance Lender Wind Down Claim: (a) until such time as the holders of the Class A Wind Down Entity Interests have received $20 million on account of such Class A Wind Down Entity Interests, distributions shall be made Pro Rata to the holders of the Acceptance Wind Down Entity Interests; (b) once the holders of the Class A Wind Down Entity Interests have received $20 million on account of such Class A Wind Down Entity Interests, the next $3 million in distributions shall be made to the holders of the Class B Wind Down Entity Interests; (c) after the Class B Wind Down Entity Interests have received such $3 million, the next $3 million in distributions shall be made to the holders of the Class A Wind Down Entity Interests; and (d) after the holders of the Class A Wind Down Entity Interests have received such $3 million, Pro Rata to the holders of the Acceptance Wind Down Entity Interests.”

The Company also filed with the Court a Supplement, which contains the following documents: Exhibit A: wind down entity and distribution agreement and Exhibit A-1: redline of wind down entity and distribution agreement.

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The post Hercules Offshore Plan, Supplement Filed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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