Hornbeck Offshore Services launched a solicitation of votes from its lenders and unsecured noteholders in support of a prepackaged Chapter 11 plan of reorganization.

Pursuant to a restructuring support agreement, Hornbeck has the support of secured lenders holding approximately 83% of the company’s aggregate secured indebtedness and unsecured noteholders holding approximately 79% of the company’s aggregate unsecured notes outstanding for the restructuring plan. The company intends to commence a voluntary prepackaged Chapter 11 filing in the United States Bankruptcy Court for the Southern District of Texas, Houston Division within the coming days, and to seek a hearing on June 19 for confirmation of the plan following the conclusion of the solicitation period.

Hornbeck will have access to a $75 million debtor-in-possession term loan facility provided by existing creditors and permitted use of existing cash on hand and cash generated from operations to support the business during the financial restructuring process, which will enable the company to operate in the ordinary course of business without disruption to its customers, vendors and workforce. The restructuring plan provides for payment in full of all vendors and employees.

As previously reported, Portage Point Partners is serving as restructuring advisor, Guggenheim Securities is serving as financial advisor, Kirkland & Ellis, Winstead and Jackson Walker are serving as legal counsel, and Stretto is serving as claims and noticing agent to Hornbeck Offshore Services.

Hornbeck Offshore Services is a provider of offshore service vessels primarily in the Gulf of Mexico and Latin America.