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Wednesday, 06/15/2016 10:05:39 AM

Wednesday, June 15, 2016 10:05:39 AM

Post# of 2397
FROM YAHOO FINANCE NOW:

Yahoo Finance ha stopped reporting HERO news. i was provided this by my Merrill account. Great read.

Hercules Offshore Inc.'s plan for a swift bankruptcy liquidation hit a speed bump Monday, when federal bankruptcy watchdogs said they were prepared to give the company's shareholders an official say on the matter.
If enough shareholders are interested, an official committee with lawyers and advisers paid by the company will be appointed to speak for shareholders in Hercules's chapter 11 bankruptcy proceeding, its second in less than a year.
The offshore oil drilling equipment company revamped its balance sheet in bankruptcy last year and emerged to face continued hard times and record low prices in the oil industry. Unable to find a buyer willing to preserve its business, Hercules says it was forced to return to bankruptcy, this time to shut down and sell its assets.
Hercules operates a fleet of 25 self-elevating, mobile offshore drilling units, or "jackup rigs," and 19 self- elevating, self-propelled "liftboat" vessels designed to get oil and gas out of shallow waters. Demand and rates for Hercules's equipment have dropped precipitously because of low oil prices.
Big shareholder Centerbridge Partners is challenging Hercules's story of how it landed back in bankruptcy so quickly. Centerbridge says Hercules's senior lenders manipulated the company's fortunes to rake in a $129 million premium on their loans.
No data available.
Hercules denies improper forces drove the bankruptcy. At a meeting last week, however, the company's board said it wouldn't oppose appointment of an equity committee, a rarity in corporate chapter 11 proceedings.
Hercules does want to make sure the official committee doesn't spend a lot of the company's money on lawyers and advisers and doesn't probe unnecessarily into its affairs, Philip Dublin, lawyer for Hercules, told a bankruptcy judge Monday.
The company believes its new chapter 11 plan is still the best option, given industry conditions

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