Hermitage Offshore Services, part of Emanuele Lauro-led Scorpio Group, has announced that it has submitted a request to appeal the delisting determination of the New York Stock Exchange (NYSE).
NYSE determined to initiate delisting procedures following the Hermitage’s voluntary petition for reorganisation under Chapter 11 of the bankruptcy code earlier this month.
Hermitage Offshore believes that the significant uncertainty surrounding the outcome of the bankruptcy proceedings do not allow for a meaningful assessment of the company’s ability to meet the NYSE’s continued listing standards following the completion of the bankruptcy proceedings, and that therefore the initiation of delisting procedures at this time is premature.
Hermitage Offshore owns a fleet of 21 vessels consisting of 10 PSVs and 11 crew boats.
