Altera Infrastructure, a supplier of infrastructure assets to the offshore energy industry, emerged from the Chapter 11 process in the United States Bankruptcy Court for the Southern District of Texas after successfully consummating its chapter 11 plan of reorganization.
Altera Infrastructure and certain of its subsidiaries executed a restructuring support agreement (RSA) with approximately 71% of Altera’s funded debt obligations, which includes Brookfield and a super-majority of its bank lenders.
Hornbeck Offshore Services emerged from Chapter 11. As part of its plan of reorganization, Hornbeck also closed on its common stock rights offering, which resulted in a $100 million cash infusion of new equity capital led by the special opportunities funds of Ares Management.
Pursuant to a restructuring support agreement, Hornbeck Offshore Services has the support of secured lenders holding approximately 83% of the company’s aggregate secured indebtedness.
Portage Point Partners is serving as restructuring advisor and Guggenheim Securities is serving as financial advisor to Hornbeck Offshore Services, which entered into a restructuring support agreement that will be implemented through a voluntary prepackaged Chapter 11 case.