Hercules Offshore Inc. and certain U.S. subsidiaries filed voluntary Chapter 11 bankruptcy petitions, the company said June 6. Lenders holding about 99.7% of its first-lien debt voted on the prepackaged bankruptcy plan.

The company is still soliciting votes from its shareholders. The Chapter 11 case is being heard in the United States Bankruptcy Court for the District of Delaware, the company said.

All of Hercules Offshore’s assets will be marketed for sale, and those left unsold when the Chapter 11 process is completed will be placed into a wind-down vehicle to ensure their continued, safe operation until sales are finalized.

Hercules will operate its rigs and vessels as usual throughout the sale process.

Under the prepackaged plan, unsecured creditors will be paid in full, either in ordinary course or when the Chapter 11 process is completed.

Shareholders will receive cash recoveries and interests in the wind-down vehicle if they vote as a class to accept the plan, or just interests in the wind-down vehicle if the class votes against the plan.

The lenders also will receive cash payments largely dependent on the success of the sale process, the company said.

Akin Gump Strauss Hauer & Feld LLP is Hercules Offshore’s legal counsel; PJT Partners is its financial adviser; and FTI Consulting is its restructuring adviser.

The company’s international subsidiaries will be part of the sale process even though they are not included as part of the Chapter 11 cases, Hercules Offshore said.

Hercules Offshore Inc. is based in Houston.