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UPDATE 1-Hercules Offshore files for bankruptcy protection

Thu 13th August, 2015 2:29pm
(Adds details, background) 
    Aug 13 (Reuters) - Drilling contractor Hercules Offshore Inc 
 HERO.O  said it filed for Chapter 11 bankruptcy as demand from 
oil and gas producers and explorers drops due to weak prices. 
    Hercules, which announced last month that it would file for 
creditor protection, said on Thursday it expected its 
prepackaged reorganization to conclude in 45-60 days. 
 ID:nL3N1035BG   ID:nPnpvrsz  
    Under the restructuring plan, more than $1.2 billion of 
Hercules' senior notes will be converted to 96.9 percent of new 
equity. Existing shareholders, who Hercules said are "out of the 
money" by $500 million, will get the remaining 3.1 percent. 
    The Houston-based company will also get $450 million of debt 
financing from some noteholders.  
    The financing will allow the company to pay for a new 
high-specification rig, Hercules Highlander, that is under 
construction in Singapore, Hercules said. 
    Hercules has a fleet of 27 jackup rigs, including the one 
under construction.      
 
 (Reporting by Shubhankar Chakravorty in Bengaluru; Editing by 
Ted Kerr) 
 ((shubhankar.c@thomsonreuters.com; within U.S. +1 646 223 8780 
outside U.S. +91 80 6749 3428; Reuters Messaging: Reuters 
Messaging: shubhankar.c.thomsonreuters.com@reuters.net)) 
 
Keywords: HERCULES OFFSHRE BANKRUPTCY/
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