For the second time in less than a year, oil services provider Hercules Offshore is heading for Chapter 11 bankruptcy protection by entering a restructuring support agreement (RSA). The Wall Street Journal writes that ” In a prepackaged bankruptcy, companies line up creditor support for their debt-payment plans before seeking chapter 11 protection, allowing them a speedier—and cheaper—trip through bankruptcy. Last August, Hercules filed for Chapter 11 protection—the first time. At the time, the company showed US$13 billion in debt and just over US$546 million in assets, trying to restructure with a new US$450-million credit line. It resurfaced from this bankruptcy only in November, but the perpetual low oil price environment led to a slump in exploration investment and project cancellations. Under the new Chapter 11 filing, Hercules is selling assets to pay off investors. The company has reportedly agreed to transfer the right to buy […]