Houston-based rig operator Hercules Offshore, which is currently going through a restructuring, has been removed from the Nasdaq.
In a filing, Hercules said that Nasdaq staff determined that the company was “no longer qualified for listing on the exchange” and the decision was finalised by August 24. Hercules Offshore did not appeal the decision.
Two weeks ago Hercules filed a pre-packaged plan of reorganization under Chapter 11 bankruptcy which it said will take around 45-60 days. It anticipated receiving the go-ahead from the courts to pay employee wages and suppliers without interruption.
Hercules Offshore stocks will be removed from the Nasdaq effective at the opening of the trading session on September 8.