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Harvey Gulf emerges from chapter 11

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.

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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