Hercules Offshore (HERO) Sell Rating and $0.0 Price Target Reiterated at Deutsche Bank

Deutsche Bank reiterated a Sell rating on Hercules Offshore (NASDAQ: HERO) with a price target of $0.00. Yesterday Hercules Offshore entered a restructuring support agreement with senior noteholders.

"After the close on June 17, HERO announced that had reached an agreement with more than 67% of its senior noteholders to convert approximately $1.2B of debt into new equity. The noteholders are expected to own about 97% of the new common stock with existing equity holders receiving 3%. This restructuring is expected to be accomplished via a pre-packed Chapter 11 filing and substantially wipes out existing equity holders. We therefore reiterate our SELL rating and $0 target price," said analyst Mike Urban.

For an analyst ratings summary and ratings history on Hercules Offshore click here. For more ratings news on Hercules Offshore click here.

Shares of Hercules Offshore closed at $0.67 yesterday.

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