Hercules Offshore emerges from bankruptcy

Hercules Offshore Inc. (Nasdaq: HERO) 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. 

John T. Rynd, CEO and president of Hercules Offshore, stated that this marked 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," he said. "With our new capital structure, we are much better positioned to compete successfully in the offshore drilling market."

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