US based offshore vessel owner Hornbeck Offshore has filed for Chapter 11 Bankruptcy to implement a prepackaged reorganization plan, with the court filing in the Southern District of Texas.
According to the filed document in the court, prepackaged deal with lenders will allow swift restructuring with no expected impact on customers, services, vendors or employees.
The Plan will De-Lever the Balance Sheet, provide U$ 75 million in debtor-in-possession financing, Allow use of cash on hand to continue operations during reorganization, and provide U$ 100 million of new equity capital upon emergence to strengthen the company’s financial position for long-term success.