GulfMark Offshore, Inc., a provider of marine transportation services, primarily to the offshore energy industry, has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware. On May 16, 2017, GulfMark issued a press release announcing that it had reached a restructuring support agreement with approximately 47% of the holders of its Senior Notes. According to the First Day Declaration, GulfMark will soon file a prepackaged plan of reorganization, through which it will equitize $448.2 million of its unsecured bond obligations and bolster its liquidity through a $125 million rights offering. The First Day Declaration states that general unsecured creditors will be unaffected by the restructuring. GulfMark’s petition lists its estimated assets between $100 – $500 million and its estimated liabilities between $500 – $1,000 million. Prime Clerk, LLC is the proposed claims and noticing agent. The case has been assigned to the Honorable Kevin Gross.
Contact Norman L. Pernick and Nicholas J. Brannick for more information.