Hornbeck Offshore reorganisation under chapter 11 moves a step closer

Hornbeck Offshore reorganisation under chapter 11 moves a step closer

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.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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