US offshore support vessel owner Harvey Gulf International Marine has received court approval for its reorganisation plans, just 77 days after filing for chapter 11 in the bankruptcy court in Texas.
Harvey Gulf filed in March with agreements in place from the majority of its creditors to reorganise and reduce debts via a debt for equity deal.
Shane Guidry, CEO of Harvey Gulf, commented, “We really appreciate the diligent and collaborative efforts of all involved in this process – both within the company and from the legal and financial support teams.
“My competitors have been telling our customers, lenders and vendors that Harvey Gulf is not going to survive the Chapter 11 process. Not only does our emergence show they were wrong, but the speed with which we have been able get final court approval also shows the disingenuous nature of their efforts – or smear tactics. As I have been telling my customers and others in the industry, this has always been a debt for equity swap, with no changes in operations, personnel, safety, etc.”
Harvey Gulf operates a fleet of more than 50 vessels, mainly in the US Gulf of Mexico and also announced three long-term charters for its platform supply vessels.