Hercules Offshore
Hercules Offshore transferred its assets to the HERO Liquidating Trust and cancelled its common stock on December 2, 2016.
Company Overview
Hercules Offshore was involved in the drilling services industry, primarily focused on offshore drilling operations. It transferred its assets to the HERO Liquidating Trust on December 2, 2016. The company's common stock was also canceled on the same date. The holders of common stock as of December 2, 2016, are eligible to receive a pro-rata share of the Rejection Shareholder Cash Distribution and Wind-Down Entity Interests.
Asset Transfer to HERO Liquidating Trust
On December 2, 2016, Hercules Offshore transferred its assets to the HERO Liquidating Trust. This move was part of a broader effort to manage and dispose of the company's assets effectively. The HERO Liquidating Trust took over the management of these assets with the goal of maximizing the distribution to stakeholders.
Cancellation of Common Stock
The common stock of Hercules Offshore was canceled on December 2, 2016. This cancellation marked a significant change in the company's structure and operations. Common stockholders as of this date were entitled to participate in subsequent distributions as determined by the company's liquidation processes.
Rejection Shareholder Cash Distribution
Holders of common stock as of December 2, 2016, may receive a pro-rata share of the Rejection Shareholder Cash Distribution. This distribution is part of the efforts to provide returns to shareholders after the company's asset transfer and stock cancellation. It aims to equitably divide the remaining value among eligible shareholders.