The U.S. Bankruptcy Court approved Gulfmark Offshore’s Disclosure Statement and scheduled an August 1, 2017 hearing to consider its Amended Chapter 11 Plan of Reorganization.
According to documents filed with the Court, “The Debtor is commencing this solicitation after extensive prepetition discussions with certain key creditor constituencies. As a result of these negotiations, on May 15, 2017, the Debtor entered into a restructuring support agreement with the Consenting Noteholders….Under the terms of the Restructuring Support Agreement, the Consenting Noteholders agree, subject to the terms and conditions of the Restructuring Support Agreement, to support the Debtor’s financial restructuring to be effected through the Plan.”
In addition, “The Restructuring will leave the Debtor’s, and its indirect and direct subsidiaries’, businesses intact and will substantially deleverage the Debtor’s capital structure. This deleveraging will enhance the Debtor’s long-term growth prospects and competitive position and allow the Debtor to emerge from the Chapter 11 Case as a stronger, reorganized entity better able to withstand a challenging market environment facing providers of offshore support vessels and marine support services to the offshore energy industry. The Restructuring includes two financing components: The Rights Offerings and the Exit Financing….The Debtor is also in negotiations with certain of the Consenting Noteholders to provide exit financing.”
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