Hornbeck Offshore Seeking Lender Approval for Chapter 11

Hornbeck Offshore Seeking Lender Approval for Chapter 11
The company plans to start its chapter 11 process in the U.S. Bankruptcy Court within the next few days.

Hornbeck Offshore Services Inc. is seeking votes from its lenders and unsecured noteholders in support of a chapter 11 plan of reorganization.  Hornbeck already has the support of lenders holding 83% of the company's secured debt and noteholders holding 79% of its unsecured debt. 

Hornbeck plans to start the chapter 11 process in the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division during the next few days, and it will seek a hearing on June 19, 2020 for plan confirmation. 

The company will have access to a $75 million debtor-in-possession term loan facility provided by existing creditors, and it will be able to use cash on hand and from operations to support the business during the restructuring. The company expects to operate without disruption to its customers, vendors and workforce, as the plan provides for payment in full of all vendors and employees.

Kirkland & Ellis LLP, Winstead PC and Jackson Walker LLP are serving as legal counsel to the Company, Guggenheim Securities, LLC is acting as financial advisor, Portage Point Partners, LLC is serving as restructuring advisor and Stretto is serving as claims and noticing agent.

Hornbeck Offshore is a leading provider of new generation offshore service vessels primarily in the Gulf of Mexico and Latin America.

To contact the author, email bertie.taylor@rigzone.com.


Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.