GulfMark Offshore emerges from chapter 11 after completing restructuring

GulfMark Offshore emerges from chapter 11 after completing restructuring

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.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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