On Monday, Shares of Delta Air Lines, Inc. (NYSE:DAL), gained 2.14% to $43.37.
Delta Air Lines, will hold a live conference call and webcast to talk about its June quarter 2015 financial results at 10 a.m. ET, July 15, 2015. Richard Anderson - chief executive officer, Ed Bastian – president, Paul Jacobson - chief financial officer will be representative.
Delta Air Lines, Inc. provides planned air transportation for passengers and cargo worldwide. The company operates in two segments, Airline and Refinery. Its route network comprises various gateway airports in Amsterdam, Detroit, Los Angeles, Minneapolis-St. Paul, New York-LaGuardia, New York-JFK, Paris-Charles de Gaulle, Salt Lake City, Seattle, and Tokyo-Narita.
Shares of American International Group, Inc. (NYSE:AIG), inclined 1.21% to $63.38, during its last trading session.
American International Group, declared the closing of the sale of $1,250,000,000 aggregate principal amount of AIG’s 3.750% Notes due 2025, $500,000,000 aggregate principal amount of AIG’s 4.700% Notes due 2035 and $750,000,000 aggregate principal amount of AIG’s 4.800% Notes due 2045. AIG has determined that the closing of this notes offering satisfies the financing condition of its formerly declared maximum cash tender offer for certain notes and debentures issued or guaranteed by AIG described in the offer to purchase, dated June 18, 2015. The tender offer remains subject to certain other conditions, counting the absence of any adverse legal and market developments. The expiration date of the tender offer is 11:59 p.m., New York City time, on July 16, 2015, unless extended. The payment date for the tender offer will be promptly following its expiration and is predictable to be on or about July 20, 2015.
American International Group, Inc. provides insurance products and services for commercial, institutional, and individual customers in the United States, the Asia Pacific, and internationally. The company’s Commercial Insurance segment offers general liability, commercial automobile liability, workers’ compensation, excess casualty, and crisis administration causality insurance products; commercial, industrial, and energy-related property insurance products; aerospace, environmental, political risk, trade credit, surety, and marine insurance products, in addition to various insurance products for small and medium sized enterprises; and professional liability insurance products for a range of businesses and risks.
Finally, Hercules Offshore, Inc. (NASDAQ:HERO), ended its last trade with -0.63% loss, and closed at $0.21.
Hercules Offshore, declared that it commenced a solicitation of votes for a prepackaged plan of reorganization from holders of its 10.25% senior notes due 2019, 8.75% senior notes due 2021, 7.5% senior notes due 2021, 6.75% senior notes due 2022, 7.375% senior notes due 2018 and 3.375% convertible senior notes due 2038. Votes on the prepackaged plan must be received by Prime Clerk, the Company’s voting agent, by August 12, 2015, unless the deadline is extended. The record date for voting has been set for July 13, 2015. Solicitation materials will be mailed on or about July 13, 2015 to creditors of record that are entitled to vote.
The prepackaged plan of reorganization provides that claims of trade creditors, suppliers and employees will be paid in full.
As formerly revealed, on June 17, 2015 the Company reached a restructuring support agreement with Noteholders who held about 67% of the aggregate outstanding principal amount of the Company’s notes. The terms of the consensual financial restructuring would support a substantial deleveraging transaction following which about $1.2 billion of the Company’s outstanding notes would be converted to 96.9% of new common equity, and $450 million in new backstop debt financing would be offered, which would fully fund the remaining construction cost of the Hercules Highlander and provide additional liquidity to fund the Company’s operations. The Company’s current shareholders, despite being substantially “out of the money” as described in the Plan, would have the opportunity to receive their pro rata portion of the remaining 3.1% of the new common equity, in addition to certain warrants described in Plan and the Agreement, subject to the requirements of the Plan. The Company and the consenting Noteholders agreed to complete the restructuring through a prepackaged plan of reorganization. Assuming the Company receives the required acceptances, the Company intends to commence a prepackaged Chapter 11 case shortly after the conclusion of the solicitation period.
Hercules Offshore, Inc., together with its auxiliaries, provides shallow-water drilling and marine services to the oil and natural gas exploration and production industry worldwide. The company operates through Domestic Offshore, International Offshore, and International Liftboats segments.
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