Hornbeck's bankruptcy petition, filed Tuesday morning, came with a prepackaged Chapter 11 plan already approved by a significant percentage of its creditors. Combined with the COVID-19 pandemic and oil pricing war, the provider of offshore services vessels also cited the six-year downturn in the offshore drilling industry as a catalyst to its need for corporate reorganization. The pre-negotiated plan includes $75 million in debtor-in-possession financing, a significant delevering of the company's capital structure, access to $100 million of new equity capital post-emergence and capacity for post-petition financing to provide additional liquidity. Lawyers from Winstead also provided legal service for Hornbeck during its negotiations with creditors and are involved with the bankruptcy. The Winstead team includes partner Clyde Parker and associates Roy Richter and Cameron Warr from the firms Woodlands office.