Hercules Offshore Inc. is facing another financial issue less than six months after emerging from bankruptcy, the Houston Business Journal reported today. The Houston-based company’s reorganization included a new $450 million senior secured credit facility to fund the remaining construction costs for a jackup rig, the Hercules Highlander, and provide additional liquidity for company operations. But in a filing with the U.S. Securities and Exchange Commission last week, the company disclosed a dispute with some lenders under that credit facility. The lenders allege that certain international affiliates of Hercules defaulted on part of the credit agreement. So Hercules and certain subsidiaries entered into a 10-day forbearance agreement with lenders, which ends April 28. During that time, Hercules can’t access funds held in escrow under the credit agreement. Read more.
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