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T R O U B L E D C O M P A N Y R E P O R T E R
Saturday, December 3, 2016, Vol. 20, No. 337
Headlines
HERCULES OFFSHORE: Lists $18.41 Million Net Loss in September
HERCULES OFFSHORE: Net Loss Widens to $71.30 Million in August
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HERCULES OFFSHORE: Lists $18.41 Million Net Loss in September
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Hercules Offshore, Inc., et. al., filed with the U.S. Securities
and Exchange Commission their monthly operating report for
September 2016.
The Debtors' consolidated statement of operations recorded a net
loss of $18.41 million on $789,242 total revenues for September, as
compared to $71.30 million net loss posted for August.
As of September 30, 2016, the Debtors reported consolidated total
assets of $2.48 billion, consolidated total liabilities of $893.17
million, and $1.59 billion in consolidated total shareholders'
equity.
At the start of the month, the Debtors had $145.41 million cash.
They listed total cash receipts of $1.73 million and total cash
disbursements of $11.35 million. Taking into account $821,295 in
total internal transfer, the Debtors had $136.61 million cash at
month end.
A copy of the monthly operating report is available at the SEC at:
https://is.gd/pmUmf0
About Hercules Offshore, Inc.
Hercules Offshore, Inc., and its debtor and non-debtor subsidiaries
are providers of shallow-water drilling and marine services to the
oil and natural gas exploration and production industry globally.
Hercules Offshore and 13 of its subsidiaries each filed a Chapter
11 bankruptcy petition (Bankr. D. Del. Case Nos. 16-11385 to
16-11398) on June 5, 2016. The petitions were signed by Troy L.
Carson as vice president.
The Debtors listed total assets of $1.06 billion and total debts of
$521.37 million as of March 31, 2016.
The Debtors have hired Michael S. Stamer, Esq., Philip C. Dublin,
Esq., David H. Botter, Esq., and Kevin M. Eide, Esq., at Akin Gump
Srauss Hauer & Feld LLP as general bankruptcy counsel and Robert J.
Dehney, Esq., Eric D. Schwartz, Esq., and Matthew B. Harvey, Esq.,
at Morris, Nichols, Arsht & Tunnell LLP as co-counsel.
The U.S. Bankruptcy Court issued an order appointing Judge
Christopher Sontchi as mediator to govern mediation procedures and
assist in resolving certain objections related to confirmation of
Hercules Offshore's Joint Prepackaged Chapter 11 Plan of
Reorganization.
On June 20, 2016, the U.S. Trustee for the District of Delaware
appointed three members to the Equity Committee. The Equity
Committee is represented by Hogan McDaniel and Kasowitz, Benson,
Torres & Friedman LLP as co-counsel and Ducera Securities LLC as
financial advisors.
Kirkland & Ellis LLP and Kirkland & Ellis International LLP, White
& Case LLP and Klehr Harrison Harvey Branzburg LLP represent an ad
hoc group of certain first lien lenders party to that certain
credit agreement, dated as of Nov. 6, 2015, by and among Hercules
Offshore, Inc., as borrower, the Subsidiary Guarantors as
guarantors, the lenders party thereto, and Jefferies Finance LLC,
as administrative agent and collateral agent, as creditors and
parties-in-interest in the Debtors' Chapter 11 cases.
HERCULES OFFSHORE: Net Loss Widens to $71.30 Million in August
--------------------------------------------------------------
Hercules Offshore, Inc., et. al., filed with the U.S. Securities
and Exchange Commission their monthly operating report for August
2016.
The Debtors' consolidated statement of operations posted a net
loss of $71.30 million on $2.74 million total revenues for the
month, an increase compared to a $4.88 million net loss listed for
July.
As of August 31, 2016, the Debtors reported consolidated total
assets of $2.49 billion, consolidated total liabilities of $880.01
million, and $1.61 billion in consolidated total shareholders'
equity.
At the start of the month, the Debtors had $152.43 million cash.
They listed total cash receipts of $3.59 million and total cash
disbursements of $11.49 million. Taking into account $872,411 in
total internal transfer, the Debtors had $145.41 million cash at
month end.
A copy of the monthly operating report is available at the SEC at:
https://is.gd/EkfuXt
About Hercules Offshore, Inc.
Hercules Offshore, Inc., and its debtor and non-debtor subsidiaries
are providers of shallow-water drilling and marine services to the
oil and natural gas exploration and production industry globally.
Hercules Offshore and 13 of its subsidiaries each filed a Chapter
11 bankruptcy petition (Bankr. D. Del. Case Nos. 16-11385 to
16-11398) on June 5, 2016. The petitions were signed by Troy L.
Carson as vice president.
The Debtors listed total assets of $1.06 billion and total debts of
$521.37 million as of March 31, 2016.
The Debtors have hired Michael S. Stamer, Esq., Philip C. Dublin,
Esq., David H. Botter, Esq., and Kevin M. Eide, Esq., at Akin Gump
Srauss Hauer & Feld LLP as general bankruptcy counsel and Robert J.
Dehney, Esq., Eric D. Schwartz, Esq., and Matthew B. Harvey, Esq.,
at Morris, Nichols, Arsht & Tunnell LLP as co-counsel.
The U.S. Bankruptcy Court issued an order appointing Judge
Christopher Sontchi as mediator to govern mediation procedures and
assist in resolving certain objections related to confirmation of
Hercules Offshore's Joint Prepackaged Chapter 11 Plan of
Reorganization.
On June 20, 2016, the U.S. Trustee for the District of Delaware
appointed three members to the Equity Committee. The Equity
Committee is represented by Hogan McDaniel and Kasowitz, Benson,
Torres & Friedman LLP as co-counsel and Ducera Securities LLC as
financial advisors.
Kirkland & Ellis LLP and Kirkland & Ellis International LLP, White
& Case LLP and Klehr Harrison Harvey Branzburg LLP represent an ad
hoc group of certain first lien lenders party to that certain
credit agreement, dated as of Nov. 6, 2015, by and among Hercules
Offshore, Inc., as borrower, the Subsidiary Guarantors as
guarantors, the lenders party thereto, and Jefferies Finance LLC,
as administrative agent and collateral agent, as creditors and
parties-in-interest in the Debtors' Chapter 11 cases.
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Troubled Company Reporter is a daily newsletter co-published
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Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
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