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Hercules Offshore, Inc. Emerges From Bankruptcy Financial Restructuring Complete

The following excerpt is from the company's SEC filing.

$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 Companys 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 s upport 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...