GulfMark Offshore commences Chapter 11 proceedingsCompany News // May 18, 2017
GulfMark Offshore has commenced a Chapter 11 case in the US Bankruptcy Court for the District of Delaware.
The company said the bankruptcy filing is the next step in GulfMark’s restructuring efforts launched by the previously announced Restructuring Support Agreement (RSA) dated 15 May 2017.
The filing does not include any of GulfMark’s operating subsidiaries.
Contracts and relationships between GulfMark’s operating subsidiaries and their customers, vendors, and employees, are unaffected by the bankruptcy filing.
GulfMark has filed a series of motions with the Bankruptcy Court requesting authority, among other things, to enter into a US$35 million interim financing facility.
Subject to Bankruptcy Court approval, the financing is expected to be sufficient to support GulfMark’s operations during the restructuring process.