Hornbeck Offshore Services, Inc.

Louisiana-based Hornbeck Offshore Services, Inc., an operator of oil supply and support vessels, opted for bankruptcy after an acute collapse in energy prices.

The company made efforts starting back in 2014 to preserve cash, making adjustments to its fleet to weather a downturn in energy markets. However, the stress on the oil-field services industry has lasted longer than Hornbeck Offshore Services anticipated and has pressured its ability to repay or refinance its significant debt.

Unsurprisingly, the company's FRISK® score had been indicating maximum distress. A reminder that a FRISK® score of "1" indicates a 10-to-50x greater risk of bankruptcy than the average public company:

Image
Hornbeck Offshore Services, Inc. FRISK® score

Download the free report to learn more.

About Bankruptcy Case Studies

CreditRiskMonitor® Bankruptcy Case Studies provide post-filing analyses of public company bankruptcies. Our case studies educate subscribers about methods they can apply to assess bankruptcy risk using our proprietary FRISK® score, robust financial database, and timely news alerts.

In nearly every case, a low FRISK® score gave our subscribers early warning of financial distress within a one-year time horizon. Our proprietary FRISK® score predicts bankruptcy risk at public companies with 96% accuracy. The score is formulated by a number of indicators including stock market capitalization and volatility, financial ratios, bond agency ratings from Moody’s, Fitch and DBRS, and crowdsourced behavioral data from a subscriber group that includes 35% of the Fortune 1000 and thousands more worldwide.

Whether you are new to credit analysis or have decades of experience under your belt, CreditRiskMonitor® Bankruptcy Case Studies offer unique insights into the business and financial decline that precedes bankruptcy.