Harvey Gulf International Marine has announced that it has completed its financial restructuring and emerged from chapter 11 bankruptcy proceedings, after the company’s plan of reorganisation was approved by the bankruptcy court in May.
Under the reorganisation, Harvey Gulf has reduced approximately $1bn in debt and emerges with a dramatically de-leveraged balance sheet and fully paid all unsecured claims.
Additionally, the company has reached an agreement with Shane Guidry, its chairman and CEO, to extend his employment contract for an additional five years from the date of emergence.
According to Harvey Gulf, the company will combine its new financial strength and demonstrated operational planning with its safety and environmental protection record, and has indicated it intends to expand globally through mergers or acquisitions.
“The chapter 11 restructuring process is extremely complicated, and the fact that Harvey Gulf emerged so quickly, while shedding a billion dollars of debt and adding over 40 new customers reflects the dedication, hard work, and tenacity of the entire Harvey Gulf team,” said Guidry.
“Importantly, Harvey Gulf’s performance will continue well into the future, and the competition simply isn’t in a position to capitalize on the industry’s shift to cleaner energy. Nor are they capable, either financially or from the organizational leadership standpoint, of redesigning their fleets to compete and perform in this new age,” he added.