Hornbeck offshore debt

The company has just announced the of these tenders - they failed to achieve. The largest unsecured creditor is Wilmington Trust National Association, which is owed $6million. Gulf of Mexico and Latin America.

Forward-Looking Statements. Free delivery over £to most of UK. Exclusive Sales Launch Daily! Company executives had been negotiating with lenders for months trying to restructure debt without. M, while Issuance Repayment of Debt Securities is likely to drop slightly above 106.

As a part of a plan with creditors to ease its $1. Chapter bankruptcy. According to a filing with the Securities and Exchange Commission (SEC), Hornbeck came to the. The bad news is that, with this much debt , even Hornbeck couldn’t postpone the inevitable bankruptcy ad infinitum when oil is where it is.

Per the company: Per the company: Despite the Company’s relative strengths in its core markets, recent industry trends have had a materially adverse impact on the offshore energy industry and on the Company in particular. However, adding these debt tranches, if accesse would only worsen an already highly leveraged capital structure. 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. ET on Seeking Alpha. Bankruptcy Court in Houston.

The volatility of the energy market has forced several companies into bankruptcy. The restructuring will be implemented in U. Hornbeck , which provides marine transportation to the offshore industry, petitioned the U. The company commented: “Given that the preliminary are well below the required threshold of required pursuant to the terms of the offers, the. Two quarters are left before Hornbeck will have to deal with the first major debt maturity.

Time is running out. US$52m, are popular for their explosive growth, investors should also be aware of their balance sheet to judge whether the company can survive a downturn. Given that HOS is not presently profitable, it’s vital to understand the current state of its operations and pathway to profitability. One year later, he took the company public on the NASDAQ and traded under the symbol “HOSS.

Larry’s son Tod at the time only years ol took an. Company”) announced today that as of the Early Tender Date, as contemplated in its previously announced exchange and tender offers (the “Offers”) and. Delaware corporation (“ Hornbeck ”), and its subsidiaries, there will be a conversion of a substantial amount of the debt of Hornbeck and its subsidiaries into equity in a newly reorganized Hornbeck.

There will also be new equity. The focus of their OSV business is on complex exploration and production activities, which include deepwater, deep well and other logistically demanding projects. They also transport petroleum products. Houston to implement a previously announced creditor-supported plan to cut debt. The oil and gas services company listed about $1.

The debts are related to a restructur. Covington, Louisiana-based Hornbeck has assets of about $2. A more empirical and universal test is to measure the interest payments against earnings of a company. In an ideal situation, earnings should cover interest by at least.

It also received $million in new cash equity from an investment fund. The company also purchased three offshore marine vessels formerly managed by it and entered into bare-boat charters for four vessels that were. Morgan, Wells Fargo, and DNB Markets, according to sources. Pricing came in line with guidance and at the target size of $4million.

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.