GLOBAL X VIDEO GAMES ESPORTS ETF logo

HERO - GLOBAL X VIDEO GAMES ESPORTS ETF News Story

$25.38 1.0  3.9%

Sector
Size
Market Cap £n/a
Enterprise Value £n/a
Revenue £n/a
Position in Universe th / 6366

Hercules Offshore in deal with debtors, to file under Chapter 11

Thu 18th June, 2015 1:52pm
June 18 (Reuters) - Rig provider Hercules Offshore Inc 
 HERO.O  said it had entered into a restructuring agreement with 
a majority of its debtors, which would lead to a Chapter 11 
filing within the next few weeks. 
    A 44 percent fall in global crude oil prices since last June 
has severely curtailed drilling activities, shrinking cash flows 
at oilfield service providers and rig contractors. 
    About $1.2 billion of Hercules' notes will be converted into 
new equity, leaving existing shareholders with 3.1 percent of 
the company's stock, Hercules said in a regulatory filing on 
Wednesday.  ID:nPncgPWvk  
    Hercules shares were down 67 percent at 22 cents in 
premarket trading on Thursday. 
    The company's note holders have also agreed to back stop 
$450 million in new debt financing to fund the remaining 
construction cost of a new rig. 
    Hercules said it expects to file under Chapter 11 by July 8. 
    Up to Wednesday's close of 66.56 cents, Hercules shares had 
slumped about 87 percent in the last 12 months. 
 
 (Reporting by Tanvi Mehta in Bengaluru; Editing by Joyjeet Das) 
 ((tanvi.mehta@thomsonreuters.com; within U.S.+1 646 223 8780 
Extn 4756; Outisde U.S. +91 80 67494756 ; Reuters Messaging: 
tanvi.mehta.thomsonreuters.com@reuters.net)) 
 
Keywords: HERCULES OFFSHRE BANKRUPTCY
© Stockopedia 2020, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.