US offshore vessel operator GulfMark Offshore has completed its financial restructuring plan and emerged from bankruptcy protection under chapter 11 after the company’s reorganisation plan was approved by the US Bankruptcy Court in October.
The plan has converted around $429.6m of outstanding bonds into equity, and raised $125m of new capital.
In addition, the company’s subsidiary GulfMark Rederi entered into an agreement with DNB Bank as agent, DNB Capital as revolving lender and swingline lender, and certain funds managed by Hayfin Capital Management as term lenders, securing loans of up to $25m.
“GulfMark is now positioned as one of the best capitalized companies in the global offshore industry.With significantly improved financial strength, we are poised to build upon the world-class service we provide to our customers while capitalizing on value enhancing opportunities for our shareholders,” said Quintin Kneen, president and chief executive officer of GulfMark Offshore.