Having secured support from lenders and noteholders last month for a prepackaged chapter 11, Hornbeck Offshore Services has launched a solicitation of votes in support of the plan.
With support indicated by 83% of the company’s lenders and 79% of noteholders, the company expects to file for chapter 11 in the US Bankruptcy Court for the Southern District of Texas, Houston Division, within the coming days. It will seek a hearing to confirm the plan on June 19.
Hornbeck’s plans will see the company have access to a $75m debtor-in-possession term loan facility provided by existing creditors, and provides for payment in full of all vendors and employees.
Hornbeck Offshore operates a fleet of over 70 OSVs.