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 worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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