Hornbeck Offshore Services (NYSE:HOSS) files for bankruptcy to implement a previously announced pre-packaged Chapter 11 reorganization plan to cut debt.

The restructuring plan raises $100M through an equity rights offering, backstopped by Hornbeck's creditors, and swaps out debt for equity in the reorganized business, according to the filing in the U.S. Bankruptcy Court in Houston.

The company lists $2.7B in assets and $1.5B in total debts owed to more than 500 creditors, according to the bankruptcy filing.

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