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    Lenders give GulfMark Offshore two weeks grace

    News // May 2, 2017

    The lenders supporting troubled GulfMark Offshore in the US have given the company more time to addtess its financial problems.

    In an SEC filing the company said: "As previously reported on April 14 2017, GulfMark Offshore entered into a Forbearance Agreement by and among the cCompany and certain beneficial owners and/or investment advisors or managers of discretionary accounts for the holders or beneficial owners of in excess of 50 per cent of the aggregate outstanding principal amount of the company’s 6.375% senior notes due 2022, issued pursuant to the Indenture, dated as of March 12, 2012, between the company and US Bank National Association, a national banking association, as trustee. On April 28, 2017, the company entered into the First Amendment to Forbearance Agreement which extends the forbearance period under the Senior Notes Forbearance Agreement to the earliest to occur of 11:59pm on May 12, 2017 and certain specified early termination events.

    "As previously reported, on March 14, 2017, the company also entered into a support agreement with The Royal Bank of Scotland plc, as agent for the lenders, relating to that certain Multicurrency Facility Agreement dated as of September 26, 2014.

    "Pursuant to the RBS Support Agreement, the Agent agreed to waive the defaults and events of default specified in the RBS Support Agreement and to forbear from exercising any rights or remedies under the RBS Facility agreement as a result of any such defaults and events of default specified in the RBS Support Agreement until the earlier of April 14, 2017 and the occurrence any of the early termination events specified in the Support Agreement.

    On April 14, 2017, the company entered into an extension agreement with the Agent that extended the forbearance period until the earlier of April 28, 2017 and the occurrence of any of the specified early termination events. On April 28, 2017, the company entered into a second extension agreement with the agent that extends the forbearance period until the earlier of May 12, 2017 and the occurrence of any of the specified early termination events.

    "As previously reported, on April 14, 2017, the company entered into a support agreement relating to a NKr 600,000,000 Secured Revolving Credit Facility Agreement dated December 27, 2012 with DNB Bank ASA .

    "Pursuant to the DNB Support Agreement, the Norwegian lender agreed to abstain from exercising any rights or remedies under the NOK Facility Agreement as a result of such defaults or events of default specified in the DNB Support Agreement until the earlier of April 28, 2017 or the occurrence of any of the early termination events as described in the DNB Support Agreement. On April 28, 2017, the company entered into a support letter extension which extends the support period until the earlier of May 12, 2017 or the occurrence of any of the early termination events as described in the DNB Support Agreement."

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