4 Jan 2017listing compliance notice▼ BadMajor
HERCULES OFFSHORE, INC. suspended its duty to file periodic reports with the SEC.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
2 Dec 2016listing compliance notice▼ BadMajor
HERCULES OFFSHORE, INC. deregistered its securities, ending its obligation to file reports with the SEC.
7 Nov 2016asset acquisition disposition● NeutralMajor
Hercules and its lender group reached a mediated settlement trimming the first-lien claim from $579 million to $546.5 million and again pushed out the wind-down plan's confirmation deadlines -- the last negotiated step before the liquidation plan was finalized.
3 Nov 2016listing compliance notice▼ BadMajor
HERCULES OFFSHORE, INC. deregistered its securities, ending its obligation to file reports with the SEC.
1 Sept 2016material agreement▼ BadMajor
As part of the wind-down, Hercules agreed to sell three jackup rigs -- Hercules 261, 262 and 266 -- to Egypt's Advanced Energy Systems (ADES) for $65.1 million cash, subject to bankruptcy court approval -- the fleet being sold off piece by piece.
18 Aug 2016material agreement▼ Bad
Hercules and the lenders holding about 99% of its post-emergence credit facility pushed back the deadlines for confirming its wind-down plan (to September 30 and October 14, 2016) after the court ordered mediation over objections from the company's own equity holders' committee.
5 July 2016listing compliance notice● NeutralMajor
HERCULES OFFSHORE, INC.'s exchange filed to remove a class of its securities from listing.
9 June 2016listing compliance notice▼ BadMajor
Nasdaq notified Hercules it would be delisted following its second Chapter 11 filing, with trading suspended June 15, 2016 and the company not planning to appeal -- the end of Hercules Offshore as a listed company; its stock was expected to move to the OTC Pink market if a market maker would even quote it.
31 May 2016business combination▼ Bad
Hercules disclosed the confidential financial projections it had shared with lenders and stockholders while exploring a recapitalization or other strategic alternative -- material required to be released now that those talks concluded, with the company heading toward wind-down rather than a rescue deal.
27 May 2016asset acquisition disposition▼ BadMajor
Hercules gave up its newest and most valuable asset, transferring the rights and contracts for the newbuild rig Hercules Highlander to a Maersk Drilling subsidiary, a move that itself triggered defaults under its credit facility -- and disclosed that, rather than reorganize again, it would pursue a Chapter 11 wind-down in which shareholders would get only a token payment if they voted to accept the plan.
29 Apr 2016debt default or forbearance▼ BadMajor
Lenders extended Hercules's forbearance to 31 May 2016 but made it terminable on two business days' notice any time after 4 May. Separately, Jurong Shipyard in Singapore warned that Hercules would be in default under the rig construction contract if it did not take delivery of the Hercules Highlander by 5 May - which the forbearance itself prevents, since the escrow that funds the rig stays locked while it runs.
21 Apr 2016debt default or forbearance▼ BadMajor
Five months after emerging from Chapter 11 with a $450 million Jefferies-led term loan, Hercules signed a forbearance agreement running only to 28 April 2016: lenders had asserted breaches of two administrative covenants - registering a Nigerian vessel mortgage and winding up a Gibraltar guarantor - which the company says it may have defences to. While the forbearance runs Hercules cannot draw the $200 million held in escrow and so cannot pay for or take delivery of its newbuild rig Hercules Highlander, and it has agreed to negotiate a recapitalisation, sale or loan restructuring with the lenders.
23 Mar 2016production update● Neutral
Routine monthly fleet-status notice, one of the last filed before Hercules's second Chapter 11 case and final wind-down.
25 Feb 2016production update● Neutral
Routine monthly fleet-status notice, filed as the reorganized company was already sliding back into covenant distress.
26 Jan 2016production update● Neutral
Routine monthly fleet-status notice filed after Hercules emerged from its first Chapter 11 case.
24 Nov 2015production update● Neutral
Routine monthly fleet-status notice, same pattern during Chapter 11.
6 Nov 2015listing compliance notice▲ GoodMajor
Nasdaq certified HERCULES OFFSHORE, INC.'s securities for listing, clearing them to begin trading.
27 Oct 2015production update● Neutral
Routine monthly fleet-status notice continuing during the Chapter 11 case.
22 Sept 2015production update● NeutralMajor
As part of its Chapter 11 disclosures, Hercules released its own financial projections: continued losses through 2016 (including a $287 million 2015 net loss) before an assumed return to profitability in 2017-2018 on a post-restructuring balance sheet carrying about $440 million of long-term debt. (Likely misclassified as production_update: this exhibit is a bankruptcy-related financial projection, not a fleet status report.)
27 Aug 2015listing compliance notice● NeutralMajor
HERCULES OFFSHORE, INC.'s exchange filed to remove a class of its securities from listing.
25 Aug 2015production update● Neutral
Routine monthly fleet-status notice, now filed while Hercules operated as a debtor-in-possession under Chapter 11.
17 Aug 2015bankruptcy or receivership▼ BadMajor
Hercules and its U.S. subsidiaries filed the voluntary Chapter 11 petitions contemplated by June's restructuring agreement, and Nasdaq delisted the stock (which the company did not appeal) -- the first bankruptcy, executed as a pre-negotiated plan expected to wipe out existing equity within 45-60 days while trade creditors are paid in full.
23 June 2015production update● Neutral
Routine monthly fleet-status notice filed days before Hercules signed its Chapter 11 restructuring support agreement.
17 June 2015debt financing▼ BadMajor
Hercules and more than two-thirds of its noteholders agreed to a pre-packaged Chapter 11 restructuring that would wipe out roughly $1.2 billion of notes and its remaining 2038 convertibles in exchange for new equity and $450 million of new first-lien debt (partly to finish the newbuild rig Hercules Highlander) -- the company's first bankruptcy filing is now just a formality away.
19 May 2015production update● Neutral
Routine monthly fleet-status notice, same website-only reporting pattern.
22 Apr 2015production update● Neutral
Routine monthly fleet-status notice, continuing after the Nasdaq bid-price compliance warning.
30 Mar 2015listing compliance notice▼ BadMajor
Nasdaq warned Hercules that its stock had closed below the $1.00 minimum bid price for 30 straight days, starting a 180-day clock (to September 21, 2015) to regain compliance or face delisting -- a classic penny-stock distress signal as the oil-price crash deepened.
23 Mar 2015production update● Neutral
Routine monthly fleet-status notice, filed days before Nasdaq's minimum-bid-price warning to the company.
19 Feb 2015production update● Neutral
Routine monthly fleet-status notice continuing the same pattern.
22 Jan 2015production update● Neutral
Routine monthly fleet-status notice with no rig-level data filed with the SEC.