OTCQB:HOSS) (the Company) announced today that it has launched a solicitation of votes from its lenders and unsecured noteholders in support of a prepackaged chapter plan of reorganization (the Plan). As previously announce pursuant to a restructuring support agreement, the Company has the support of. Restructuring Support Agreement with holders of approximately 1 of the ABL Claims, approximately of the First Lien Claims, approximately of the Second Lien Claims, and approximately Unsecured Notes Claims. The announcement comes as the COVID. PRESS RELEASE PR Newswire.
Contacts: Todd Hornbeck , CEO. Ken Dennar Managing Partner. 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 Todd M. Gulf of Mexico and Latin America. We are on-track to quickly complete our restructuring and emerge with a strengthened financial foundation and well positioned for.
The New York-listed company said in an SEC filing that it has reached an agreement with lenders and holders of the company’s unsecured 5. April 2 from exercising certain. OTCQB:HOSS) reported yesterday that it has launched a solicitation of votes from its lenders and unsecured noteholders in support of a prepackaged Chapter plan of reorganization. ET on Seeking Alpha. Bankruptcy Court in the.
At the time when the company announced the news, it had the backing of. However, counter to most reorganization plans, all of the company’s vendors would be paid in full based on the bankruptcypetition submitted to the judge. The only way to escape devastating (for the common equity) restructuring is to hold. The good news is that, because of those. Article Stock Quotes (2) Comments (0) FREE Breaking News Alerts from StreetInsider.
The restructuring is expected to be implemented through a voluntary pre-packaged Chapter in U. Two quarters are left before Hornbeck will have to deal with the first major debt maturity. Time is running out. I think Hornbeck is a great company in a struggling industry, and particularly how they do business. It is so much cheaper to start back on land.
Offshore is now the last thing to come back online. With new technologies such as fracking, and oil no where near the highs of a few years ago, it is hard to see how they begin to make money again. While management expects a modest inflection in supply and demand this year, the prospect of a significant recovery in offshore drilling still appears to be about two. DocumentExhibit 99. United States military customers.
Covington, Louisiana. EST after reporting its fourth-quarter. 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. Hornbeck already has the support of lenders holding of the company’s secured debt and noteholders holding of its unsecured debt.
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