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Hornbeck Offshore Announces Reorganization Plan Approved By Court
"The Court's approval of our Plan of Reorganization is another significant milestone in our restructuring process and we appreciate the overwhelming show of support from our lenders and noteholders," said
As previously reported, the Company has access to a $75 million debtor-in-possession term loan facility provided by existing creditors and permitted use of existing cash on hand and cash generated from operations to support the business during the financial restructuring process, which will enable the Company to operate in the ordinary course of business without disruption to its customers, vendors and workforce. The Plan provides for payment in full of all vendors and employees.
The Company has received subscriptions for a
The Plan contemplates the extinguishment of all pre-petition equity in the Company upon emergence from bankruptcy. Trading in the Company's common stock carries extreme risk.
The Plan and related disclosure statement are available at http://cases.stretto.com/Hornbeck. For further information regarding the restructuring, please contact the Company's solicitation agent, Stretto, at 1-(855)-258-1004 (toll-free domestic), or email them at firstname.lastname@example.org.
This news release contains forward-looking statements, including, in particular, statements about the confirmed Plan of Reorganization, the Company's expectation to emerge from the Chapter 11 cases, the offshore service vessel industry and ongoing discussions with the Company's stakeholders. These statements are based on the Company's current assumptions, expectations and projections about future events and are subject to a number of uncertainties, factors and risks, many of which are outside the control of the Company, which could cause results to differ materially from those expected by the Company's management. Such risks and uncertainties include, but are not limited to, the ability of the Company to negotiate, develop and consummate the transactions contemplated in the Plan of Reorganization, including receipt of the remaining governmental approvals that are required for the Company to emerge from bankruptcy and the closing of the contemplated new equity rights offering; the effects of Plan of Reorganization on the Company's liquidity or results of operations or business prospects; the effects of the Plan of Reorganization on the Company's business and the interests of various constituents; oil and natural gas prices and the overall level of offshore exploration and production activity; and the factors set forth under the heading "Risk Factors" in the Company's filings with the