Hercules Offshore Ch. 11 Slowed By Equity Group Inquiries
Law360, Wilmington (June 23, 2016, 3:11 PM ET) -- Hercules Offshore Inc.’s high-speed Chapter 11 received a slowdown order Thursday, with a Delaware bankruptcy judge delaying the plan confirmation hearing by nearly a month to allow a new equity panel more time to investigate the company's finances and $1 billion business failure.
U.S. Bankruptcy Judge Kevin J. Carey moved the offshore drilling firm’s combined disclosure and confirmation hearing from July 14 to Aug. 10, despite a Hercules attorney’s argument that an extension to Aug. 1 provided “more than sufficient time” to address equity holder concerns..........To view the full article, register now.
If the Board of Directors and debtors have done illegal activities in this BK process, it will be serious consequences for them. Might not be that they will get paid back their debt at all.
Hercules was after all a quite large company, a lot of employees around the world. So this BK have large impact on a lot of peoples life, and yes its about a lot of money.
Someone will really have to pay in many ways if this shows to be faul play.
The fact that the judge have granted Centerbridge and the others more time to investigate this matter now tells me that the judge can smell that this BK stinks. Someone might be getting nervous now. Centerbridge have the will, expertise and money to got all the way. They are experts in BK cases, they know how to play this game.
You dont have to look to deep to see that this have been orchestrated a long time a go, maybe already from the first BK.
