The new Chapter 11 proceeding comes just six months after the Houston-based driller emerged from bankruptcy protection.
Following a strategic review that began in February, Hercules said it has entered into a restructuring support agreement with lenders holding around 99% of its first-lien debt.
"The agreement seeks to maximise value for the company's stakeholders and provide a smooth transition for employees, customers and suppliers through an orderly sale of the company's assets," Hercules said.
Hercules
