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Hermitage Offshore Services has withdrawn its appeal against the NYSE's decision to delist its common shares, which had been suspended since September 23, 2020. The Company concluded that it would not meet NYSE listing standards post-bankruptcy proceedings and determined that continuing the appeal was not in its best interest. As a result, shares now trade on the OTC Pink marketplace. This strategic decision reflects the Company's acknowledgment of its financial situation following the Chapter 11 auction bid process.
Hermitage Offshore Services Ltd. (HOFSQ) announced the successful bids for its vessels in Chapter 11 bankruptcy. The lenders made a credit bid of approximately $80 million for ten platform supply vessels (PSVs), which does not involve cash for the company. Additionally, eleven crew vessels were sold for around $5.3 million to a third party. These transactions are subject to bankruptcy court approval. The company operates a fleet of 21 vessels primarily in the North Sea and West Coast of Africa.
Hermitage Offshore Services Ltd. announced the suspension of its common stock trading on the NYSE due to a failure to meet the minimum market capitalization of $15 million over 30 trading days. The delisting hearing is set for December 17, 2020. Following this, the Company’s stock will trade on OTC Pink under the ticker 'HOFSQ', a significantly less liquid market. Hermitage Offshore, which filed for Chapter 11 bankruptcy on August 11, 2020, faces uncertainties about its ability to continue operations and the potential value of its common shares post-bankruptcy.
Hermitage Offshore Services Ltd. (NYSE: PSV) has filed an appeal against the New York Stock Exchange's (NYSE) decision to delist its shares following the company's Chapter 11 bankruptcy petition. The firm expresses concerns about its ability to continue operations, noting uncertainty regarding its appeal's success and potential equity value post-bankruptcy. The company believes delisting proceedings are premature, given the ongoing bankruptcy process. Hermitage operates a fleet of 21 vessels primarily in the North Sea and West Coast of Africa.
Hermitage Offshore Services Ltd. has filed for Chapter 11 bankruptcy reorganization in the Southern District of New York, along with its 28 subsidiaries. This decision follows a prolonged slump in global oil prices, exacerbated by the coronavirus pandemic. The company aims to negotiate with lenders in a single forum and assures that operations will continue without disruption. Customers and vendors will receive uninterrupted service and payments, as they have historically been handled by a separate manager not involved in the filing.
Hermitage Offshore Services Ltd. (NYSE: PSV) announced the sale of two anchor handling tug supply vessels. The transaction resulted in the unconditional release of a $9 million term loan, with the company expecting a loss of approximately $4 million. The Board of Directors unanimously approved the deal, which leaves the company with no outstanding obligations under the loan facility. Hermitage Offshore operates 21 vessels primarily in the North Sea and West Coast of Africa.
Hermitage Offshore Services Ltd. (NYSE: PSV) announced a 10-day extension of its forbearance agreement with lenders regarding its $132.9 million Term Loan Facility. While this extension delays potential default consequences until August 10, 2020, it does not resolve the company’s long-term liquidity challenges. The company is facing significant financial difficulties, worsened by the COVID-19 pandemic and falling crude oil prices, raising doubts about its ability to continue as a going concern. Hermitage has engaged financial and legal advisors to explore restructuring options.
Hermitage Offshore Services Ltd. (NYSE: PSV) announced a forbearance agreement concerning its $132.9 million Term Loan Facility with DNB Bank ASA and Skandinaviska Enskilda Banken AB, permitting forbearance until July 31, 2020. The agreement does not address the company’s long-term liquidity or restructuring needs. Due to the impacts of the coronavirus pandemic and falling crude oil prices, Hermitage Offshore faces significant financial challenges, raising doubts about its ability to remain a going concern. The company has enlisted financial and legal advisors to explore restructuring options.
Hermitage Offshore Services reported a net loss of $6.8 million, or $0.25 loss per share, for the first quarter of 2020. This is a slight improvement from the $7.2 million loss, or $0.98 per share, in the same period last year. Reduced capital expenditures and contract cancellations due to COVID-19 and falling crude oil prices negatively impacted operations. As of June 3, 2020, cash reserves stood at $8.4 million. The company expects 184 days in lay-up for three vessels in Q2 2020. Challenges with liquidity and going concern were also highlighted.
Hermitage Offshore Services Ltd. plans to announce its Q1 2020 earnings on June 4, 2020, after market close. The company owns 23 offshore support vessels, including 10 platform supply vessels (PSVs), primarily operating in the North Sea and West Coast of Africa. The press release includes forward-looking statements cautioning that actual results may vary due to factors such as market conditions, operating expenses, and the impact of COVID-19. Hermitage aims to leverage safe harbor protections for these statements under the Private Securities Litigation Reform Act.
