Hornbeck Offshore to File Chapter 11

U.S.-based offshore vessel owner Hornbeck Offshore Services announced it will file chapter 11 after defaulting on payment obligations.

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 5.875% and 5% senior notes pursuant to which the creditors have agreed to forbear, until April 20, from exercising certain of their rights and remedies with respect to certain defaults.

Hornbeck said it 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.