Mediation in Hercules Offshore Bankruptcy -- Market Talk
12:09 pm ET August 18, 2016 (Dow Jones) Print
12:09 ET - Hercules Offshore has been packed off to mediate a fight with shareholders over its plan to shut down and liquidate in bankruptcy. Led by Centerbridge Partners, shareholders of the operator of offshore-oil-drilling equipment have challenged Hercules' decision to return to bankruptcy less than a year after it emerged from chapter 11. Hercules says shareholders will get something from the liquidation, but shareholders say lenders will get more than they should, including $129M+ in premiums. Hercules and lenders deny any wrongs. Mediation, if it works, will head off a pricey court fight. (peg.brickley@wsj.com)
(END) Dow Jones Newswires
August 18, 2016 12:09 ET (16:09 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc
GLTA Longs
