Hercules Offshore has completed its financial restructuring and emerged from Chapter 11 bankruptcy, the company said Friday. Funding of the company's new $450-million senior secured credit facility has also been completed.
"Proactively restructuring our balance sheet early in the cycle generated significant benefits for Hercules including substantial debt reduction and added liquidity that will allow us to meet our capital commitments and support operations. With our new capital structure, we are much better positioned to compete successfully in the offshore drilling market," John T. Rynd, CEO and president of Hercules Offshore, said. "While we are excited to have this milestone behind us, the hard work of successfully turning around our company is just beginning. To that end, we look forward to working with our new board of directors, and with the support of our new investor base, to execute on our strategic goals through the current industry downturn and thrive in the next upcycle."
Source: www.worldoil.com
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