Hermitage Offshore Ch. 11 Vessel Sales Approved At $100M

Law360 (October 15, 2020, 2:20 PM EDT) -- Bankrupt marine drilling support company Hermitage Offshore Services Ltd. received court approval Thursday in New York for the Chapter 11 sales of 10 platform supply vessels to its existing secured lenders in exchange for wiping out $100 million of debt.

During a virtual hearing, Hermitage attorney Brian Rosen of Proskauer Rose LLP said secured lender DNB Bank ASA was the only qualified bidder for the ships when it submitted an $80 million credit bid and subsequently adjusted the price upward to $100 million. The debtor got the court's nod for a separate $5.3 million sale of eight crew boats earlier this...

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