Hornbeck Offshore completes reorganization and emerges from Chapter 11Christian Fernsby ▼ | September 12, 2020
Hornbeck Offshore Services announced that the company emerged from Chapter 11 pursuant to its Joint Prepackaged Chapter 11 Plan of Reorganization.
Chapter 11 Hornbeck Offshore
Topics: Hornbeck Offshore
Pursuant to the Plan, all general unsecured creditors, including the Company's trade creditors and vendors, were paid in full in the ordinary course of business; the Company's debtor-in-possession financing was converted into a new senior secured exit facility; all of the Company's pre-petition secured loans and unsecured senior notes were cancelled in exchange for new secured debt, new equity, and new equity rights (or cash, if applicable) as of the Effective Date; and all of the Company's pre-petition equity interests were extinguished as of the Effective Date.
In addition, the Company closed on the common stock rights offering contemplated by the Plan, which resulted in a $100 million cash infusion of new equity capital led by the Special Opportunities Funds of Ares Management, as well as funds managed by Whitebox Advisors and 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," continued Mr. Hornbeck.
As part of the Plan, a new Board of Directors was appointed by the Company. ■