Hermitage Offshore Services Ltd. (NYSE:PSV) and 28 subsidiaries file voluntary Chapter 11 petitions amid global oil slump and coronavirus pandemic
Hermitage Offshore Services Ltd. Ordinary Shares (Bermuda) (PSV)
Company Research
Source: GlobeNewswire
HAMILTON, Bermuda, Aug. 11, 2020 (GLOBE NEWSWIRE) -- Hermitage Offshore Services Ltd. and 28 of its subsidiaries including all its vessel-owning subsidiaries (collectively, the “Company”) announced today that they have filed voluntary petitions for reorganization under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York. The Company took this action following a prolonged slump in global oil prices, driven in part by the global coronavirus pandemic, and its effect on the Company’s business. While the Company would have preferred to complete its financial restructuring out of court, it was unable to reach a consensual agreement with its lenders, which made filing Chapter 11 necessary to provide a single forum for all continuing conversations with its lenders. The Company anticipates that the Company’s business operations and relationship with its customers and vendors will not be adversely affected by this proceeding while
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