Hermitage Offshore vessels sold in bankruptcy auction

Written by Nick Blenkey
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Hermitage’s 10 PSVs were bought by its lenders for $80 million

Scorpio Group controlled Hermitage Offshore Services Ltd. (HOFSQ:OTC), which filed for Chapter 11 bankruptcy on August 11, has announced the winning bidders in the bankruptcy auction of its remaining fleet. It says that its lenders submitted the highest bid of approximately $80 million in aggregate for the company’s 10 platform supply vessels and that the lenders’ successful bid for the PSVs constitutes a “credit bid” against the company’s outstanding indebtedness and will not result in the receipt of any cash consideration by the company.

The company’s 11 crew vessels will be sold to an unaffiliated third party that submitted a successful bid of approximately $5.3 million in cash, in aggregate. According to a filing in the case that unaffiliated third party is VTG Ships Limited.

The sale of the vessels remains subject to final approval of the bankruptcy court and definitive documentation between the company and the prospective purchasers.

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