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Information for present shareholders-
Following the transactions described in Article IV.B of
the Plan, All Interest in Hornbeck will be cancelled,
released, and extinguished, and will be of no further
force or effect.” Page 5 Item 9 describing “equity interest”
Restructuring Support Agreement of May 13, 2020, mailed to
NEW 8K out Item 8.01 - Other Events
Hornbeck Offshore Services, Inc. (NYSE:HOS, OTCQB:HOSS) (the “Company”) announced today that it and certain of its subsidiaries have entered into agreements with lenders under its existing Senior Credit Agreement, dated as of June 28, 2019, First Lien Term Loan Agreement, dated as of June 15, 2017, and Second Lien Term Loan Agreement, dated as of February 7, 2019, (in each case, as amended and supplemented) and holders of the Company’s unsecured 5.875% Senior Notes due 2020 and unsecured 5.000% Senior Notes due 2021, pursuant to which such creditors have agreed to forbear, until 11:59 p.m. New York time on April 20, 2020 (as may be further extended), from exercising certain of their rights and remedies with respect to certain defaults by the Company. The Company is in the process of negotiating and finalizing a restructuring support agreement with the forbearing creditors on the terms of a consensual balance sheet restructuring during this forbearance period, to be implemented through a prepackaged chapter 11 filing in the Southern District of Texas.
BUSINESS SUMMARY: Hornbeck Offshore Services, Inc., through its subsidiaries, operates offshore supply vessels (OSVs), multi-purpose support vessels, and a shore-base to provide logistics support and specialty services to the offshore oil and gas exploration and production industry. It operates in two segments, Upstream and Downstream.
The Upstream segment owns and operates fleets of the U.S.-flagged, new generation OSVs, which support deepwater and ultra-deepwater exploration, development, production, construction, installation, maintenance, repair, and enhanced oil recovery requirements of the oil and gas industry primarily in the U.S. Gulf of Mexico, as well as in the international markets. This segment also owns conventional OSVs, work class ROVs and a shore-base facility located in Port Fourchon, Louisiana. In addition, the segment provides vessel management services for other vessels owners, which comprise crewing, daily operational management and maintenance activities.