Hercules Offshore Inc (fka HEROQ)

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Centerbridge Anchors Hercules Shareholder Panel -- Market Talk

6:56 am ET June 22, 2016 (Dow Jones) Print

6:55 ET - Centerbridge Partners was picked for a seat on an official committee looking out for shareholders in Hercules Offshore's bankruptcy, surprising exactly no one. Hercules insists it did shareholders a favor racing back to chapter 11 months after emerging from bankruptcy. Cash is just ebbing away and liquidation of the oil-drilling equipment fleet is the best option, Hercules says. Big shareholder Centerbridge has a different version of the sad story of Hercules' double-header demise, in which senior lenders decided to kill the company in order to collect a premium on their loans. A judge will decide. ([e-mail])

(END) Dow Jones Newswires

June 22, 2016 06:56 ET (10:56 GMT)

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