Form 8-K HERCULES OFFSHORE, INC. For: Nov 06

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of report (date of earliest event reported): November 6, 2015

 

 

HERCULES OFFSHORE, INC.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware		0-51582		56-2542838
(State of incorporation or organization)		(Commission File Number)		(IRS Employer Identification No.)

 

9 Greenway Plaza, Suite 2200 Houston, Texas (Address of principal executive offices)		77046 (Zip code)

Registrant’s telephone number, including area code: (713) 350-5100

 

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

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Explanatory Note:

As previously disclosed, on August 13, 2015, Hercules Offshore, Inc. (“Hercules” or the “Company”) and certain of its subsidiaries (together with the Company, the “Debtors”) filed voluntary petitions for relief (the “Chapter 11 Cases”) under the provisions of Chapter 11 of Title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”). The Chapter 11 Cases are being jointly administered by the Bankruptcy Court under In re Hercules Offshore, Inc., et al. (Case No. 15-11685).

On November 6, 2015 (the “Effective Date”) the Plan became effective pursuant to its terms and the Debtors emerged from their Chapter 11 Cases.

Item 7.01 Regulation FD Disclosure.

On the Effective Date, the Company issued a press release announcing its emergence from the Chapter 11 Cases. A copy of the press release is being furnished as Exhibit 99.1 hereto and is incorporated herein by reference.

The information furnished pursuant to Item 7.01, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, is not subject to the liabilities of that section and is not deemed incorporated by reference in any filing by the Company under the Securities Act unless specifically identified therein as being incorporated therein by reference.

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Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

 

Exhibit Number		Description
99.1		Press Release dated November 6, 2015.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

				HERCULES OFFSHORE, INC.
Date: November 6, 2015				By:		/s/ Beau M. Thompson
						Beau M. Thompson
						Senior Vice President, General Counsel and Secretary

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Exhibit Index

 

Exhibit Number		Description
99.1		Press Release dated November 6, 2015.

Exhibit 99.1

Hercules Offshore, Inc. Emerges from Bankruptcy

 

•

Financial Restructuring Complete

 

•

$450 Million Term Loan Issued

HOUSTON, Nov. 6, 2015 /PRNewswire/ — Hercules Offshore, Inc. (Nasdaq: HERO) (the “Company” or “Hercules”) announced today that it has completed its financial restructuring and emerged from Chapter 11, and funding of the Company’s new $450 million senior secured credit facility has been completed.

“Today marks the beginning of a new chapter for Hercules. 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” stated John T. Rynd, Chief Executive Officer and President of Hercules Offshore. “I extend my appreciation to our employees, former board of directors and advisors who have worked diligently throughout this process. Likewise, I am grateful to our customers, suppliers and investors for their confidence and support of our Company. 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.”

Details of the restructuring and debt agreements are provided in an 8-K filed today which can be viewed on the SEC’s website at http://www.sec.gov or the Company’s website. The Company has set up a hotline to answer questions about the restructuring. The hotline can be accessed by dialing +1 (888) 647-1715 for domestic callers or +1 (310) 751-2619 for international callers. The Company has also posted FAQs including calculation examples of distribution of New Common Stock and Warrants to stockholders on its website at http://www.herculesoffshore.com.

About Hercules Offshore, Inc.

Headquartered in Houston, Hercules Offshore, Inc. operates a fleet of 27 jackup rigs, including one rig under construction, and 19 liftboats. The Company offers a range of services to oil and gas producers to meet their needs during drilling, well service, platform inspection, maintenance, and decommissioning operations in several key shallow water provinces around the world. For more information, please visit our website at http://www.herculesoffshore.com.

Statements above that are not historical fact are forward-looking statements, including with respect to the impact of the restructuring on our operations, customers, vendors and employees. Forward-looking statements by their nature involve substantial risks, uncertainties and assumptions, including without limitation, contract renegotiations with customers, early termination or renegotiation by customers or suppliers pursuant to contract or otherwise, government and regulatory actions and other factors described in the risks and uncertainties described in our periodic reports filed with the Securities and Exchange Commission. Many of these factors are beyond our ability to control or predict.

CONTACT: Troy L. Carson, Senior Vice President & Chief Financial Officer, Hercules Offshore, Inc., +1 (713) 350-8550

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