Shares of Hercules Offshore Inc. tumbled 19% in premarket trade Monday, after the oil services company said it has filed for bankruptcy, as it puts all of its assets up for sale. The filing comes after the company said 99.7% of its first lien debt holders accepted the prepackaged Chapter 11 plan disclosed last month. Hercules continues to solicit votes from shareholders, which it urges to vote in favor of the bankruptcy plan. The company plans to operate its rigs and vessels through the sale process. The stock had tumbled 35% year to date through Friday, while the VanEck Vectors Oil Services ETF had gained 5.4% and the S&P 500 was up 2.7%.
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