U.S.-based overseas assistance vessel company Hornbeck Offshore Services stated Friday it had actually finished its reconstruction and also arised from Chapter 11 Bankruptcy.
The business had in April struck a comprehensive balance sheet restructuring support agreement with its loan providers, to be applied with a packaged chapter 11 filing in May in the Southern District of Texas.
Hornbeck, which offers overseas solutions in the Gulf of Mexico and also Latin America, stated Friday that it carried September 4, 2020, arised from Chapter 11 under its formerly introduced reconstruction strategy.
Todd M. Hornbeck, Chairman, President and also Chief Executive Officer of Hornbeck Offshore Services stated: “The quick completion of our reorganization and emergence from Chapter 11 is a significant achievement, particularly given the currently very challenging economic environment. I want to thank our employees, customers, vendors, lenders, and noteholders for their steadfast support, which allowed us to maintain normal operations during this process. We will now go forward with a stronger financial foundation and are well-positioned for long-term success.”
According to Hornbeck, according to the strategy, every one of the business’s pre-petition equity rate of interests were snuffed out, all basic unsafe financial institutions, consisting of the business’s profession financial institutions and also suppliers, were paid completely in the regular training course of service; the business’s debtor-in-possession funding was exchanged a brand-new elderly safe departure center; every one of the business’s pre-petition safe finances and also unsafe elderly notes were terminated for brand-new safeguarded financial obligation, brand-new equity, and also brand-new equity legal rights (or money, if relevant).
In enhancement, Hornbeck Offshore stated, the business shut on the ordinary shares legal rights offering considered by the strategy, which led to a $100 million money mixture of brand-new equity resources led by the Special Opportunities Funds of Ares Management, in addition to funds taken care of by Whitebox Advisors and alsoHighbridge Capital Management
“Post-emergence, we have clear alignment with a strong and well-capitalized group of lead shareholders on a shared vision for the Company’s future,” Hornbeck Chief Executive Officer stated.
New Board of supervisors
As component of the strategy, a brand-new Board of Directors was designated. The brand-new board of supervisors is included Todd M. Hornbeck (Chairman), Evan Behrens, Kurt M. Cellar, previous Louisiana Governor Bobby Jindal, Kevin O. Meyers,Ph D., Admiral John Richardson, USN (Ret), and also John T. Rynd.
Hornbeck Offshore Services likewise introduced that Larry D. Hornbeck was called Chairman Emeritus.