Hermitage Offshore Services has announced the results of the auctioning off of
its fleet of platform supply vessels and crew boats as part of its Chapter 11
Prolonged slump in global oil prices driven, in part, by the COVID-19
crisis cited by offshore vessel company and 28 of its subsidiaries for
vessel company and 28 of its subsidiaries back in August 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 citing
prolonged slump in global oil prices driven, in part, by the COVID-19 crisis.
Trading of the company’s shares on the New
York Stock Exchange and OTC listing were suspended after its market cap fell
below the NYSE’s continued listing standard requirement.
Highest bid of approximately $80 million in aggregate from its lenders
Services announced Oct 14 2020 the sale auction received a highest bid of
approximately $80 million in aggregate from its lenders for Hermitage’s ten
platform supply vessels. Hermitage said the successful bid constitutes a
“credit bid” against the company’s outstanding indebtedness and will not result
in the receipt of any cash consideration.
The sale of the vessels remains subject to final approval of the
crew vessels, meanwhile, will be sold to an unaffiliated third party that
submitted a successful bid of approximately $5.3 million in cash, in aggregate.
The sale of the vessels remains subject to final approval of the bankruptcy
court and definitive documentation between the Company and the prospective