GulfMark Offshore exits bankruptcyCompany News // November 15, 2017
GulfMark Offshore has finally completed a financial restructuring plan and emerged from bankruptcy protection under Chapter 11 of the US Bankruptcy Code.
The company’s court-approved Plan of Reorganization went into effect on 14 November 2017.
The plan converts approximately US$429.6 million of outstanding bonds into equity, and raises approximately US$125 million of new equity capital.
“GulfMark is now positioned as one of the best capitalized companies in the global offshore industry,” said Quintin Kneen, President and Chief Executive Officer.
"With significantly improved financial strength, we are poised to build upon the service we provide to our customers while capitalizing on value enhancing opportunities for our shareholders.
"Throughout the restructuring process, our priority has been to deliver world class safety and customer service. We have worked to ensure that GulfMark has the right talent, systems and equipment to meet the tough demands of the current market. Moving forward, our focus on operational excellence and scalability will continue.
"We would like to take this opportunity to thank our 1,070 employees and all of our stakeholders for their tremendous effort and support during the reorganization process,” said Mr Kneen.
“GulfMark’s employees remained focused on delivering safe, reliable service to our customers as we transformed our capital structure and repositioned the company.”
The company's new Board of Directors are: Louis A Raspino, Jr, Chairman; Eugene Davis, Domenic DiPiero, Scott McCarty, Krishna Shivram and Kenneth Traub. Quintin Kneen, the company's President and Chief Executive Officer, will continue to serve as a director.