Hercules Offshore Announces Restructuring Plan With Lenders

Hercules Offshore Inc. announced Friday a restructuring support agreement with its lenders, in an effort to maximize value for its creditors as it sells off its assets. The oil services company said that as part of its efforts, its unsecured creditors will be paid in full through a pre-packaged Chapter 11 plan. Separately, the company said it had agreed to transfer the right to buy the jack-up rig, formerly known as Hercules Highlander, to a subsidiary of Maersk Drilling. The stock, which is currently halted for trading, has slumped 11% year to date, while the S&P 500 has gained 2.3%.