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Battery makers to invest W2.6 tril. by 2020
http://m.koreatimes.co.kr/phone/news/view.jsp?req_newsidx=236200
Samsung SDI bids for Chilean lithium mine project for stable supply
http://m.pulsenews.co.kr/view.php?sc=30800028&year=2017&no=570789
Germany to Take on Tesla With Gigafactory Rival
https://www.bloomberg.com/news/articles/2017-08-03/germany-giving-gigafactory-a-home-in-latest-challenge-to-tesla
New price target:
* Lithium Americas Corp : National Bank of Canada starts with outperform * Lithium Americas Corp : National Bank of Canada starts with target price C$1.40
Canadian mining company First Cobalt has signed a $140m binding agreement to wholly acquire Cobalt One.
The move comes after a non-binding agreement was signed by the parties last month.
Under the agreement, First Cobalt will offer 0.145 common shares to Cobalt One shareholders.
The merger will create a new pure-play cobalt exploration company (MergeCo) with a portfolio of exploration assets and a cobalt extraction refinery in the Ontario mining site.
MergeCo is expected to have a proforma market capitalisation of $110m.
"MergeCo is expected to have a proforma market capitalisation of $110m."
Upon signing the non-binding agreement, Cobalt One executive director Jason Bontempo said: “This proposal represents an attractive opportunity for Cobalt One to expand and allow shareholders to benefit from being part of a larger company that is expected to have greater liquidity and access to capital from two of the world’s leading capital markets."
Through the acquisition, First Cobalt will have access to greater liquidity, besides the prospect of market re-rating with improved scale.
Cobalt One has seven high-grade cobalt properties in Cobalt, Ontario, including Cobalt Town, Lorrain Valley Cobalt, Silver Centre Cobalt and Silverfields mine property.
With assets spanning around 3,000ha, First Cobalt has three former mines in the same area.
Update from the CEO in SQM
http://s1.q4cdn.com/793210788/files/doc_news/2017/07/PR_Kidman_12Jul2017_eng_FINAL.pdf
Insider buying!
Lithium Americas Corp Director John Kanellitsas Buys C$67,000.00 in $LAC.CA
Lithium Americas Provides Cauchari-Olaroz Development Update
VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 5, 2017) -
Editors Note: There is a photo associated with this press release.
Lithium Americas Corp. ("Lithium Americas" or the "Company") (TSX:LAC)(OTCQX:LACDF) is pleased to provide an update on the Cauchari-Olaroz lithium project ("Cauchari-Olaroz" or the "Project") in the Province of Jujuy, Argentina. Cauchari-Olaroz is 100%-owned by Minera Exar S.A. ("Minera Exar"), a 50/50 joint venture company between Lithium Americas and Sociedad Quimica y Minera de Chile S.A. ("SQM").
On Thursday, June 29, 2017, senior executives from Minera Exar, Lithium Americas and SQM attended a meeting in Buenos Aires with government officials from Argentina, including the President of Argentina, Mauricio Macri, and the Governor of the Province of Jujuy, Gerardo Morales. All parties reaffirmed their commitment to support the development of Cauchari-Olaroz.
Gabriel Rubacha, Lithium Americas' President of South American Operations, commented: "We are receiving full support from the Federal and Provincial governments, and we are very pleased with the progress we are making on the development of the project. There are over 100 people on site today and the Minera Exar organization is growing with the recent recruitment of additional executive level personnel. Minera Exar is proceeding with the development of the project and progressing with the early construction activities following a timeline target of being in production by 2019."
Patricio De Solminihac, CEO of SQM, commented: "We were pleased to meet with Mr. Macri and Mr. Morales to discuss the importance of Cauchari-Olaroz, and the shared responsibility and mutual benefits of investment and timely execution of development. We shared with the President our plans for capital investment and employment, and the construction timeline to achieve our production targets. SQM is firmly committed to the advancement of the project and to the success of Jujuy-based Minera Exar."
Project Update:
Increased activity at site. Development activity currently ongoing includes: the campsite construction, additional hydrological tests, drilling campaigns and testing pond liner materials at site.
Engineering and procurement on-going. We are developing the detailed design as well as working with the evaluation of the first construction packages.
Development schedule remains on track. The construction of the first stage of 25,000 tonnes per annum of lithium carbonate production capacity is expected to be completed in 2019.
Strong support from Argentine government. The Environmental Impacts Report for Exploitation ("EIS") issued in 2012 is in the process of being updated. In March 2017, the provincial government of Jujuy reaffirmed in a letter that the EIS issued in 2012 is still valid and states that "…construction may commence on the necessary infrastructure approved in this permit, without prejudice to future adaptations and updates that the mining operator performs with respect to the mining project, which are subject to the analysis of this authority."
Over 100 employees in Argentina. Minera Exar currently employs over 100 personnel in Argentina with recruiting for additional staff and executives ongoing. Total direct employment during the two-year construction period is expected to total over 1,000 people.
Financing Update:
To fund Lithium Americas' share of Cauchari-Olaroz capital costs, on June 7, 2017, Lithium Americas closed on the strategic financing with GFL International Co., Ltd., a wholly-owned subsidiary of Jiangxi Ganfeng Lithium Co., Ltd. ("Ganfeng Lithium") agreeing to provide US$172 million in financing. With respect to the second financing of approximately US$112 million from BCP Innovation Pte Ltd., a wholly-owned subsidiary of Bangchak Corporation Public Company Ltd. ("Bangchak"), closing is expected to occur around mid-July.
As part of the Bangchak strategic financing, Mr. Chaiwat Kovavisarach, Bangchak's President and CEO, has been included in the management slate for the Board of Directors to be elected at the Company's upcoming AGM on August 14, 2017.
About Lithium Americas
Lithium Americas, together with SQM, is developing the Cauchari-Olaroz lithium project, located in Jujuy, Argentina, through its 50% interest in Minera Exar. In addition, Lithium Americas owns 100% of the Lithium Nevada project (formerly Kings Valley project), and RheoMinerals Inc., a supplier of rheology modifiers for oil-based drilling fluids, coatings, and specialty chemicals.
Forward-looking statements
Statements in this release that are forward-looking information are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in the Company's periodic filings with Canadian securities regulators. Forward-looking information in this news release includes : (i) the timing for completion of the Stage 1 development of the Cauchari-Olaroz project; (ii) timing for an updated EIS at the project; (iii) the timing to commence production on the project; and (iv) the anticipated date for closing of the Bangchak financing. When used in this document, the words such as "intent", "target", "expect", "estimated" and "scheduled" and similar expressions represent forward-looking information. Information provided in this document is necessarily summarized and may not contain all available material information.
All such forward-looking information and statements are based on certain assumptions and analyses made by Lithium Americas management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances, including in the case of the credit agreement with Ganfeng, the implementation of the agreed security interest structure and satisfaction of other customary conditions to first draw-down. These statements, however, are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information or statements. Important factors that could cause actual results to differ from these forward-looking statements include those described under the heading "Risks Factors" in the Lithium Americas' most recently filed Annual Information Form and other continuous disclosure filings. The Company does not intend, and expressly disclaims any obligation to, update or revise the forward-looking information contained in this news release, except as required by law. Readers are cautioned not to place undue reliance on forward-looking information or statements.
To view the photo accompanying this press release please click on the following link: http://www.marketwire.com/library/20170705-LAC0705.jpg
Lithium Americas Corp.
Investor Relations
778-656-5820
ir@lithiumamericas.com
Reuters: Wednesday HERO seeks court OK to sell Gulf of Mexico fleet (Jack up rigs) for 18 mill dollars to Enterprise Offshore. This will save them 2 mill dollars in maintenance cost a month and rise proceeds to distribute to stakeholders.
Well it aint no average Joe selling today :)
Why this large volume today? Who sold and who bought?
When can we expect ant news regarding the BK process? 22nd of september ?
Anyone seen this one (22.july) ?
Seems like its the 10th of august (confirmation hearing) that things will be sorted out. See: https://cases.primeclerk.com/herculesinfo/
Page 40 of 40. Incentive compensation.
https://cases.primeclerk.com/herculesinfo/Home-DownloadPDF?id1=Mzk2OTM4&id2=0
Shareholders reject to Hercules/Debtors plan.
Hercules Offshore Inc.'s plan to liquidate came under attack from a federal bankruptcy watchdog and from shareholders that have been counting on a turnaround for the oil drilling operation.
Unhappy shareholders include Centerbridge Partners LP, which has continued to buy Hercules Offshore's shares in the open market, while battling the company's proposed prepackaged bankruptcy liquidation plan.
Centerbridge, a $25 billion private-equity and distressed debt investor, put Hercules under pressure early in its bankruptcy, which began in June with the announcement that the company is taking a sensible way out—-liquidation—-of the tough market for energy industry service companies.
A tally of votes reveals more than half the shareholders that cast ballots said "no" to Hercules Offshore's plan. The rejection will force an open-court contest over a plan that Hercules Equipment insists is the best it can do in a rough energy market. Shareholders say Hercules's plan is designed to give lenders a "massive windfall."
A spokesman for the Houston company didn't immediately respond to a request to comment on multiple critiques of its chapter 11 plan. Instead of reorganizing, Hercules proposes to shut down operations and sell its offshore oil drilling equipment, paying creditors and leaving something for shareholders.
The offer doesn't sit well with shareholders, many of them investors that followed Hercules Offshore out of a recent bankruptcy case and were counting on a turnaround when oil prices rebounded.
Less than eight months after emerging from a chapter 11 balance sheet reshaping, Hercules was back in bankruptcy, complaining that conditions were tougher than it realized.
Shareholders immediately challenged the assertion, insisting they knew 2016 was going to be rough, and were prepared to wait for a return to profits. In court hearings, lawyers for shareholders raised suspicions about dealings involving Hercules's top-ranking lenders in the months before the company's return to bankruptcy.
For example, Hercules gave lenders back $200 million they had pledged for the completion of a new state-of-the-art rig, the Highlander, which was one of the central selling points of last year's bankruptcy restructuring.
Instead of finishing the construction, however, Hercules handed the Highlander over to a subsidiary of Maersk Drilling, calling the handoff a win because it relieved the company of the obligation to finish the Highlander and put it to work. Shareholders called for an investigation, and on Wednesday termed the return of $200 million "coerced."
Results of their investigation and other grounds for protest are under wraps in bankruptcy court documents. Hercules, its lenders and the official shareholders committee agreed to cloak any material other parties deemed confidential.
That leaves shareholders of the public company in the dark about what the official committee that represents them found out about Hercules Offshore's prebankruptcy deliberations.
Court filings show shareholders have called into question the purported defaults on senior loans that pushed Hercules back into bankruptcy. The events, such as a week's delay in delivering to lenders the registration documents for a vessel in Nigeria, aren't sufficient grounds for blowing up a major loan, shareholders have suggested.
Lenders are seeking to collect $579 million under the chapter 11 plan, a figure that apparently includes a loan premium of about $136 million. Shareholders say the premium payment claim is hooked to the allegedly defective defaults, and should not be allowed.
U.S. Trustee Andrew Vara, an officer of the Justice Department responsible for overseeing bankruptcy matters, criticized Hercules Offshore for depriving creditors of required information and protection.
Hercules wants the bankruptcy court to bless a process that will allow it to shut down with "minimal oversight and disclosure," Mr. Vara's lawyer wrote. The company also wants a grant of blanket immunity to those involved in Hercules Offshore's final affairs.
That means Hercules will never have to answer questions about how hundreds of millions of dollars in value went missing in the few months before the bankruptcy filing. As of the end of March, Hercules Offshore's Securities and Exchange Commission filings reflected shareholder equity of about $537 million. Bankruptcy estimates prepared months later, however, reflect much lower values for the entire company.
Mr. Vara additionally called into question Hercules Offshore's insistence it will pay all trade debts. The company skipped filing the reports that would detail its debts, and hasn't established the usual process for claims, the U.S. Trustee said. That is likely to put a damper on the number of creditors that actually get paid.
Houston-based 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.
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.
Debtors hiding evidence from Centerbridge.
Moreover, efforts by the Equity Committee to expedite the process by facilitating the flow of relevant information from the Debtors to the Equity Committee have been met with resistance by the Debtors, further hampering the Equity Committee in its race against the clock.
Communications with the Debtors’ professionals show that they are taking a shield/sword approach to this case: they are using the expedited schedule both to shield their decision-making and to obstruct the Equity Committee from conducting appropriate and customary inquiries in any Chapter 11 case.
The Debtors, who should have nothing to hide if they have acted consistent with their fiduciary duties, are taking the position that no information should be shared outside of the litigation process. The Court should not sanction this approach.
On June 21, 2016, for example, the Debtors refused the Equity Committee’s request to permit direct discussions between the parties’ respective proposed financial advisors and the Debtors’ management without the presence of counsel so that the Equity Committee’s financial advisor could make a recommendation, among other things, as to whether the Debtors’ decision to liquidate was appropriate.
The Equity Committee offered to do so subject to Rule 408. Instead, the Debtors are requiring that counsel participate in each and every call and meeting, adding logistical complications and costs to what should be a straightforward two party conversation.
The Debtors have also refused to provide the Equity Committee with the ballots and voting reports they receive on a rolling basis and have denied the Equity Committee’s Case 16-11385-KJC Doc 124 Filed 06/22/16 Page 4 of 55 request that the plan voting deadline for equity security holders be extended due to the fact that many of the Debtors’ equity security holders had received the ballots only a few days ago.
Delaying the start of the Confirmation Hearing will not prejudice any party. Although the Restructuring Support Agreem
You have voted NO i hope Satellite?
Centerbridge just bought 200.000 new shares in HERO.
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
They shoot for the moon.They want make-whole because they "get" their money back to soon...then they want 450 a day because the BK last to long. What a great thing they got going :) The court will nail them. They contstructed this mess and will not get awarded for it. Centerbridge is on it.
Centerbridge Partners, which holds over 2.5 million shares in Hercules Offshore, have challenged the drilling company’s decision to file for Chapter 11 bankruptcy earlier this week claiming it was unnecessary, according to the Wall Street Journal.
Hercules Offshore filed for Chapter 11 on Monday backed by lenders, with a restructuring plan to put all its assets put of for sale. It intends to operate normally while the sale process is being conducted, and any assets left unsold at the completion of the process will be placed into a wind-down vehicle.
Centerbridge has asked the Delaware bankruptcy court to give equity holders time to form a committee to look into the Chapter 11 filing and take a position on the future of the company. It has accusing senior lenders of manufacturing an unnecessary bankruptcy in order to collect a premium for early payoff of their debt.
Centerbridge also questions the bankruptcy on the basis that Hercules has over $400m in cash and oil prices have rebounded back above the $50 level.
Hercules only emerged from its previous Chapter 11 in November 2015.
Im really happy that Centrebridge (the number two shareholder in HERO) takes this action. Someone steps up against the lenders and the Board of Directors in this matter...finally.
I dont think they will stop the BK, just my 2 cents, but they are trying to "kill" the "make whole" that the lenders are targeting.
They have a very large interest in stopping that deal, since their shares then will be worth a lot more.
Centerbridge Challenges Hercules Over Return to Chapter 11
Peg Brickley
June 07, 2016
(c) 2016 Dow Jones & Company, Inc.
DJFDBR Logo
Liquidating oil-drilling fleet operator Hercules Offshore Inc. faces strong opposition from big shareholder Centerbridge Partners to its plan to shut down and sell off its assets.
Hercules returned to bankruptcy Sunday, less than six months after a balance-sheet reshaping that was supposed to get it in shape for tough times in the oil industry. Centerbridge contends the balance-sheet reshaping worked but claims senior lenders maneuvered the company back into chapter 11 for improper purposes....
Interesting read regarding "make-whole", what the lenders in HERO is trying to get:
Whether a provision in a bond indenture or loan agreement obligating a borrower to pay a “make-whole” premium is enforceable in bankruptcy has been the subject of heated debate in recent years. A Delaware bankruptcy court recently weighed in on the issue in Del. Trust Co. v. Energy Future Intermediate Holding Co. LLC (In re Energy Future Holdings Corp.), 527 B.R. 178 (Bankr. D. Del. 2015).
Aligning itself with a number of New York bankruptcy courts, the Energy Future court granted partial summary judgment to the debtor-borrower. The court ruled that, although the debtor repaid the bonds prior to maturity, a make-whole premium was not payable under the plain terms of the bond indenture because automatic acceleration of the debt triggered by the debtor’s chapter 11 filing was not a “voluntary” repayment. However, the court reserved judgment on the indenture trustee’s request for relief from the automatic stay to revive the make-whole premium claim by decelerating the bonds, as permitted under the terms of the indenture.
Enforceability of Make-Whole Premiums in Bankruptcy
Restrictions on a borrower’s ability to prepay secured debt are a common feature of bond indentures and credit agreements. Lenders often incorporate “no-call” provisions to prevent borrowers from refinancing or retiring debt prior to maturity. Alternatively, a loan agreement may allow prepayment at the borrower’s option, but only upon payment of a “make-whole” premium. The purpose of such a provision is to compensate the lender for the loss of the remaining stream of interest payments it would otherwise have received had the borrower paid the debt through maturity.
Bankruptcy courts almost uniformly refuse to enforce no-call provisions against debtors, allowing debtors to repay outstanding debt despite such provisions. See, e.g., HSBC Bank USA, N.A. v. Calpine Corp., No. 07 Civ. 3088, 2010 U.S. Dist. LEXIS 96792, at *17 (S.D.N.Y. Sept. 14, 2010); In re Vest Assocs., 217 B.R. 696, 698 (Bankr. S.D.N.Y. 1998); Cont’l Sec. Corp. v. Shenandoah Nursing Home P’ship, 188 B.R. 205, 213 (W.D. Va. 1995). Further, the majority of courts have disallowed a lender’s claim for payment of a make-whole premium when the premium is not explicitly payable in the event of acceleration. Such courts find that acceleration due to the debtor’s bankruptcy filing, and any subsequent repayment of the debt during the bankruptcy case as part of a chapter 11 plan or otherwise, is not voluntary and therefore does not trigger any make-whole premium obligations. See,e.g., Bank of New York Mellon v. GC Merchandise Mart, LLC (In re Denver Merchandise Mart, Inc.), 740 F.3d 1052, 1059 (5th Cir. 2014); U.S. Bank Trust Nat’l Assoc. v. Am. Airlines, Inc. (In re AMR Corp.), 730 F.3d 88, 105 (2d Cir. 2013); In re MPM Silicones, LLC, 2014 BL 250360 (Bankr. S.D.N.Y. Sept. 9, 2014) (memorializing bench ruling of Aug. 26, 2014), aff’d U.S. Bank National Association v. Wilmington Savings Fund Society, FSB (In re MPM Silicones, LLC), 2015 BL 131356 (S.D.N.Y. May 4, 2015); Premier Entm’t Biloxi, LLC v. U.S. Bank Nat’l Ass’n (In re Premier Entm’t Biloxi, LLC), 445 B.R. 582, 627–28 (Bankr. S.D. Miss. 2010); In re Solutia Inc., 379 B.R. 473, 488 (Bankr. S.D.N.Y. 2007); but see In re School Specialty, Inc., No. 13-10125, 2013 Bankr. LEXIS 1897, at *19 (Bankr. D. Del. Apr. 22, 2013) (allowing claim for make-whole premium under New York law where loan agreement specifically provided for make-whole premium in event of “either prepayment or acceleration” and make-whole premium was not plainly disproportionate to lender’s probable loss).
This will take time. Lawsuits on the way, but this is to our advantage. Sit back and watch - let the games begin.
It going to be really exciting, but i really believe that the sun will shine on us in the end. The lenders will not get that golden deal they are trying to get.
Time will show..
2-2,5 dollars
There will be lawsuits. The lenders took control, the Board of Directors have been worthless/weak in this case. A judge will see this. They have not taken care of the stockholders interest at all.
The lenders have amazingly managed to get a "make whole" deal. That means that they (lenders) will get more money then 450 mill. A make whole deal is designed to increase the lenders odds of a larger payout if a company files for bankruptcy. This provision allows a borrower (in this case HERO) to repay remaning debt early in exchange for a lump sum payment to compensate debtholders for future interest payments they would have recieved.
This things have been challeged by bankruptcy courts in the recent years. Lenders taking money that should have gone to the shareholders. In HEROs case this is the second BK in months, so i think a judge will favor us shareholders. I spoke with my broker yesterday. The lawsuits will come. The Board of Directors have failed the stocholders big time in this spesific case she said.
HERO had 450 mill in debt, but since the debtholders got a make whole they want over 510. This is the matter that the court will look at.
If the make whole deal is put dead by a judge we have the following situation:
450 mill debt minus 200 mill (Higlander sale)= 250 mill debt
HEROs 250 mill in cash will pay out the rest. The lenders is then out of the picture. They had theirs.
Then the assets (rigs and lifeboats) will be sold, and that will give us over a lot. It will be more then 5 dollars a share.
So how much money we will get now is in the hands of a judge.
Im sitting this one out, i have a really good feeling.
The 200 mill at the escrow account, are/were they part of the 450 mill in debt? Since Maersk paid the shipyard in Jurong, what will happen to the 200 mill?
So far so good :)
Im back in at 1,20. The tide is turning....news are bound to come soon, good news.
A guy who attended the OTC in Houston spoke with the Sembcorp Marine stand today, they own the shipyard in Jurong who builds the Highlander rig. Their representant said that they are still doing modifications, and they want be finished before at least two months! So if this is true there is no possibility that the shipyard will sue Hercules. Their representant was not concerned about the situation. I found it at Yahoo Finance Message Board.