Covington, La., headquartered Hornbeck Offshore Services,Inc records that on September 4, 2020 it arised from Chapter 11 according to its joint packaged Chapter 11 strategy of reconstruction. The strategy applies a formerly introduced restructuring assistance contract discussed with the business’s loan providers and also note owners.
The business is currently an independently held entity.
“The quick completion of our reorganization and emergence from Chapter 11 is a significant achievement, particularly given the currently very challenging economic environment,” stated Todd M. Hornbeck, Chairman, President and also Chief Executive Officer ofHornbeck Offshore Services “I want to thank our employees, customers, vendors, lenders and note holders 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.”
Pursuant to the strategy, all basic unsafe lenders, consisting of the business’s profession lenders and also suppliers, were paid completely in the average training course of organization; the business’s debtor-in-possession funding was exchanged a brand-new elderly safe leave center; every one of the business’s pre-petition safe finances and also unsafe elderly notes were terminated for brand-new protected financial debt, brand-new equity, and also brand-new equity civil liberties (or cash money, if appropriate) since the reliable day; and also all of the business’s pre-petition equity passions were snuffed out since the reliable day.
In enhancement, the business shut on the ordinary shares civil liberties offering considered by the Plan, which caused a $100 million cash money mixture of brand-new equity resources led by the Special Opportunities Funds of Ares Management, in addition to funds handled by Whitebox Advisors and also Highbridge 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,” stated Todd Hornbeck.
As component of the strategy, a brand-new board of supervisors was designated by the business.
The brand-new board of supervisors is consisted of 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.
The business likewise introduced that Larry D. Hornbeck has actually been calledChairman Emeritus Todd Hornbeck included: “We are pleased to have a distinguished new board whose members provide deep expertise and vision across the spectrum of energy, business, finance and government issues we expect to face in the years ahead.”
The strategy, the associated disclosure declaration and also various other associated files are offered at http://cases.stretto.com/Hornbeck.
