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GulfMark Offshore Bankruptcy Plan Confirmed

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The U.S. Bankruptcy Court confirmed GulfMark Offshore’s Amended Chapter 11 Plan of Reorganization.

According to documents filed with the Court, “On the Effective Date…(a) all U.S. Intercompanies (other than for trade accounts receivable and payable) shall be offset against other U.S. Intercompanies, and (b) to the extent that the amount of any U.S. Intercompany has not been settled in full after the application of clause (a), such U.S. Intercompany shall be contributed or distributed, as applicable, to the applicable obligor.”

In addition, “In exchange for providing the backstop commitment for the Rights Offerings and the other agreements of the Commitment Parties in the Backstop Commitment Agreement, the Commitment Parties will receive the Commitment Premium. Upon the Effective Date, the Commitment Premium will be immediately and automatically deemed earned and payable in the form of New Common Stock issued under Section 1145 of the Bankruptcy Code as an administrative expense.”

This offshore transportation provider filed for Chapter 11 protection on May 17, 2017, listing $1.1 billion in pre-petition assets.

Read more GulfMark Offshore bankruptcy news.

The post GulfMark Offshore Bankruptcy Plan Confirmed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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