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Hercules Offshore Bankruptcy Plan Summarized

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BankruptcyData’s detailed analysis and summary of Hercules Offshore’s Modified Joint Prepackaged Plan of Reorganization, dated October 18, 2016, is now available. The U.S. Bankruptcy Court confirmed the Plan on November 15, 2016; however, an effective date has not yet been issued.

BankruptcyData notes, “Under the terms of the Plan, all of the Company’s assets will be marketed for sale, and those left unsold at the completion of the Chapter 11 process will be placed into a wind-down vehicle to ensure their continued, safe operation until sales are finalized. The Company’s international subsidiaries are not included as part of the Chapter 11 cases but will be part of the sale process.”

In addition, “The Liquidation Analysis for Reorganized Hercules Offshore estimates the Total Gross Proceeds Available for Distribution to be between $328.15 million and $447.43 million. The recovery rate to the Senior Secured Claims is estimated to be between 69.7% to 100%. The recovery rate to General Unsecured Claims is estimated to be zero.” BankruptcyData subscribers receive access to the full nine-page summary, which provides further details on corporate background, events leading to Hercules Offshore’s June 5, 2016 Chapter 11 filing, recovery specifications and a comprehensive break-down of all claimant classes.

Read more Hercules Offshore bankruptcy updates.

The post Hercules Offshore Bankruptcy Plan Summarized appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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