Hercules Offshore Inc. said that it planned to file for prepackaged chapter 11 protection, just six months after the rig contractor emerged from bankruptcy protection, Reuters reported on Friday. The company said that it had entered into a restructuring support agreement with some lenders, which will eventually allow it to place all its unsold assets into a wind-down vehicle until they can be sold. Hercules Offshore said that its international units would not be included in the bankruptcy filing, but would be a part of the sale process. Hercules first filed for chapter 11 protection in August 2015 and emerged from bankruptcy in November. Read more.
Get a better understanding of what happens when an oil, gas or other natural resources company goes bankrupt. Order your copy of ABI's revised and expanded When Gushers Go Dry: The Essentials of Oil & Gas Bankruptcy, Second Edition.
