Hornbeck Offshore is pressing forward with its Chapter 11 bankruptcy reorganisation, looking to discharge nearly $1bn in debt and close by the end of the quarter.
The Louisiana offshore player late Wednesday said it had launched a solicitation of votes from creditors and plans on filing a prepackaged bankruptcy in Houston federal court "within the coming days".
"The shared objectives of the Company and our creditors are to meaningfully reduce the Company’s financial leverage on a consensual basis and source new capital to position the Company for future growth," chief executive Todd Hornbeck said in a statement.
