Hornbeck Offshore Services emerges from
US-based offshore support vessel provider Hornbeck Offshore Services said on Friday it had completed its reorganization and emerged from Chapter 11 bankruptcy.
The company had in April has entered into a global balance sheet restructuring support agreement with its lenders, to be implemented through a filing of Chapter 11 in May in the Southern District of Texas.
Hornbeck, which provides offshore services in the Gulf of Mexico and Latin America, said on Friday that it exited Chapter 11 on September 4, 2020 as part of its previously announced reorganization plan.
Todd M. Hornbeck, Chairman, President and CEO of Hornbeck Offshore Services said: “The early completion of our reorganization and the emergence of Chapter 11 is a significant achievement, particularly given the environment economic currently very difficult. I would like to thank our employees, customers, suppliers, lenders and noteholders for their continued support, which has enabled us to maintain normal operations during this process. We will now move forward with a stronger financial foundation and are well positioned for long term success. “
According to Hornbeck, in accordance with the plan, all pre-petition interests of the company have been extinguished, all general unsecured creditors, including trade creditors and sellers of the company, have been paid in full in the ordinary course of business. ; the company’s debtor-in-owner financing has been converted into a new senior secured exit facility; all pre-petition secured loans and the Company’s unsecured senior notes were canceled in exchange for new secured debt, new shares and new equity rights (or cash, if applicable).
In addition, Hornbeck Offshore said, the company has closed the common share offering contemplated by the plan, resulting in an injection of $ 100 million of new equity led by Ares’ special opportunities funds. Management, as well as funds managed by Whitebox. Advisors and Highbridge Capital Management.
“Following the emergence, we are clearly aligned with a strong group of leading shareholders and well capitalized on a shared vision for the future of the company,” said the CEO of Hornbeck.
New board of directors
As part of this plan, a new board of directors has been appointed. The new board of directors is made up of Todd M. Hornbeck (chairman), Evan Behrens, Kurt M. Cellar, former Louisiana Governor Bobby Jindal, Kevin O. Meyers, Ph.D., Admiral John Richardson, USN (retired) and John T. Rynd.
Hornbeck Offshore Services also announced that Larry D. Hornbeck has been named President Emeritus.