US offshore vessel operator GulfMark Offshore has had its plan of reorganisation approved by the United States Bankruptcy Court for the District of Delaware and now expects to emerge from chapter 11 within 30 days.
The company filed for chapter 11 in May to implement a financial restructuring agreement reached with noteholders. The agreement allows the company to convert outstanding senior notes to 35.65% of equity in a reorganized entity, wiping out around $435m of debt and $27m in interest payments.
Quintin Kneen, president and CEO of GulfMark Offshore, commented: “I want to thank our customers and employees for their trust and dedication throughout this process. We will continue our commitment to world-class operations and safety while we emerge as a stronger company positioned to capitalize on industry opportunities.”
