US offshore vessel owner Hornbeck Offshore Services has revealed in an SEC filing that it is headed for a prepackaged chapter 11 after defaulting on its payment obligations.
The company has reached an agreement with lenders and holders of the company’s unsecured 5.875% senior notes pursuant to which the creditors have agreed to forbear, until April 20, from exercising certain of their rights and remedies with respect to certain defaults by the company.
Hornbeck said it is in the process of negotiating and finalising a restructuring support agreement with creditors, which will be implemented through a prepackaged chapter 11 filing in the Southern District of Texas.
Hornbeck currently owns 74 vessels according to VesselsValue.
