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.
Forward-Looking Statements
This communication contains forward-looking statements, including, in
particular, statements about the term and the provisions of the forbearance
agreements and the Company's negotiations with its creditors. These statements
are based on the Company's current assumptions, expectations and projections
about future events. Although the Company believes that the expectations
reflected in these forward-looking statements are reasonable, the Company can
give no assurance that the expectations will prove to be correct.
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