9 Aug 2017substantial holder notice● Neutral
Loomis Sayles & Co., L.P. # reported no remaining HERCULES OFFSHORE, INC. shareholding in its periodic institutional filing.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
14 Feb 2017substantial holder notice● Neutral
Loomis Sayles & Co., L.P. # reported a HERCULES OFFSHORE, INC. shareholding of 2,650,777 shares (13.26% of votes) in a periodic institutional filing.
14 Feb 2017substantial holder notice● Neutral
WESTERN ASSET MANAGEMENT CO reported no remaining HERCULES OFFSHORE, INC. shareholding in its periodic institutional filing.
13 Feb 2017substantial holder notice● Neutral
SOROS FUND MANAGEMENT LLC, GEORGE SOROS, ROBERT SOROS reported no remaining HERCULES OFFSHORE, INC. shareholding in its periodic institutional filing.
4 Jan 2017listing compliance notice▼ BadMajor
HERCULES OFFSHORE, INC. suspended its duty to file periodic reports with the SEC.
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.
20 June 2016director interest notice● Neutral
HERCULES OFFSHORE, INC. 10%+ owner Centerbridge Credit Partners, L.P. bought 25,000 shares on the open market.
15 June 2016director interest notice● Neutral
HERCULES OFFSHORE, INC. 10%+ owner Centerbridge Credit Partners, L.P. bought 238,700 shares on the open market.
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.
16 Feb 2016substantial holder notice● Neutral
WESTERN ASSET MANAGEMENT CO disclosed a new substantial HERCULES OFFSHORE, INC. shareholding (8.05% of votes).
12 Feb 2016substantial holder notice● Neutral
Loomis Sayles & Co., L.P. # reported a HERCULES OFFSHORE, INC. shareholding of 2,697,329 shares (13.49% of votes) in a periodic institutional filing.
5 Feb 2016substantial holder notice● Neutral
Franklin Resources, Inc, Charles B. Johnson, Rupert H. Johnson, Jr, Franklin Advisers, Inc disclosed a new substantial HERCULES OFFSHORE, INC. shareholding (7.00% of votes).
26 Jan 2016production update● Neutral
Routine monthly fleet-status notice filed after Hercules emerged from its first Chapter 11 case.
10 Dec 2015substantial holder notice● Neutral
Loomis Sayles & Co., L.P. # disclosed a new substantial HERCULES OFFSHORE, INC. shareholding (13.52% of votes).
24 Nov 2015production update● Neutral
Routine monthly fleet-status notice, same pattern during Chapter 11.
19 Nov 2015substantial holder notice● Neutral
Centerbridge Credit Partners, L.P, Centerbridge Credit Partners General Partner, L.P, Centerbridge Credit GP Investors, L.L.C, Centerbridge Credit Partners Master, L.P, Centerbridge Credit Partners Offshore General Partner, L.P, Centerbridge Credit Offshore GP Investors, L.L.C, Mark T. Gallogly, Jeffrey H. Aronson disclosed a new substantial HERCULES OFFSHORE, INC. shareholding (13.00% of votes).
16 Nov 2015substantial holder notice● Neutral
SOROS FUND MANAGEMENT LLC, GEORGE SOROS, ROBERT SOROS disclosed a new substantial HERCULES OFFSHORE, INC. shareholding (7.02% of votes).
6 Nov 2015listing compliance notice▲ GoodMajor
Nasdaq certified HERCULES OFFSHORE, INC.'s securities for listing, clearing them to begin trading.
5 Nov 2015quarterly activities report▼ Bad
HERCULES OFFSHORE, INC. reported a quarterly net loss of $95.4 million for the period ended 2015-09-30.