Offshore support vessel provider Hermitage Offshore Services has decided to withdraw its appeal of the New York Stock Exchange’s (NYSE) determination to delist the company’s common shares.
Hermitage and 28 subsidiaries in August 2020 filed for voluntary Chapter 11 petitions amid global oil price slump and coronavirus pandemic.
Trading of the company’s common shares on the NYSE was suspended on 23 September 2020 pending the appeal of the delisting determination.
The hearing to review the delisting determination was scheduled to take place on 17 December 2020.
The company’s common shares currently trade on the OTC Pink marketplace operated by the OTC Markets Group Inc.
Earlier in October, Hermitage selected successful bids for its vessels according to the bankruptcy procedures under Chapter 11 protection.
The company’s lenders submitted the highest bid of approximately $80 million in aggregate for ten platform supply vessels (PSVs).
Furthermore, eleven crew vessels will be sold to an unaffiliated third party that submitted a successful bid of around $5.3 million in cash, in aggregate.
Following the results of the Chapter 11 auction bid process, the company determined that it would be unable to meet the continued NYSE listing standards upon the completion of the bankruptcy proceedings.
The company also determined that the continued pursuit of the NYSE listing appeal was not in the best interests of the company, its shareholders or creditors.