Hermitage Offshore Services Ltd. (NYSE:PSV) (“Hermitage Offshore,” or the “Company”) announced today that it has submitted a request to appeal the delisting determination of the New York Stock Exchange (“NYSE”). As previously disclosed on the Company’s report on Form 6-K filed on August 12, 2020, the NYSE determined to initiate delisting procedures for the Company’s common shares following the Company’s voluntary petition for reorganization under Chapter 11 of the Bankruptcy Code.
The Company continues to believe that there is significant doubt as to its ability to operate as a going concern following the bankruptcy proceedings, and can make no assurance that it will be successful in its appeal of the decision of the NYSE to delist the securities or that there will be any equity value in its common shares at the conclusion of the Chapter 11 process.
Nevertheless, the Company has decided to appeal the delisting determination at this time because it 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.
