"Investors of six sets of unsecured and convertible notes would trade their holdings for 96.9 percent of new common stock in a reorganized Hercules, according to the filing. The company’s existing equity holders would see their stake reduced to 3.1 percent". So maybe something is better than nothing in BK, Hero was going there anyway, so there is no market for used rigs right now. I do not know maybe they did not have much choice in the matter, hell I hope it opens at a $100 shares, but that would be dreaming.
What value would you place on 30 plus year old drilling rigs?
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