Hercules Offshore Files For Chapter 11 Bankruptcy; Stock Falls

(RTTNews) - Hercules Offshore Inc. (HERO) announced that the company and certain of its U.S. subsidiaries have filed voluntary petitions under Chapter 11 of the United States Bankruptcy Code.

In the pre-market trade, HERO is currently trading at $1.00, down $0.41 or 29.08%.

Under the terms of the Plan, all of the Company's assets will be marketed for sale, and those left unsold at the completion of the Chapter 11 process will be placed into a wind-down vehicle to ensure their continued, safe operation until sales are finalized. The Company's international subsidiaries are not included as part of the Chapter 11 cases but will be part of the sale process.

Hercules continues to solicit votes from its shareholders. The Company strongly encourages shareholders to vote in favor of the Chapter 11 Plan because the Company believes shareholders will receive greater value if they accept as opposed to reject the Plan.