Gulfmark Offshore’s Amended Chapter 11 Plan of Reorganization became effective, and the Company emerged from Chapter 11 protection. The U.S. Bankruptcy Court confirmed the Plan on October 4, 2017.
According to a corporate release, the Plan converts approximately $429.6 million of outstanding bonds into equity and raises approximately $125 million of new equity capital. Upon emergence, the existing shares of GulfMark Offshore common stock outstanding prior to the reorganization (Legacy Common Stock) were cancelled and GulfMark Offshore will issue approximately seven million shares of new common stock (New Common Stock), approximately three million warrants exercisable for one share of common stock at an exercise price per share of $0.01 and 810,811 warrants exercisable for one share of common stock at an exercise price per share of $100 (Existing Equity Warrants).
Pursuant to the Plan, the Company’s new board of directors consists of the following persons: Louis A. Raspino, Jr.; chairman, Eugene Davis; Domenic DiPiero; Scott McCarty; Krishna Shivram and Kenneth Traub. Quintin V. Kneen, the Company’s president and C.E.O., will continue to serve as a director. Kneen states, “With significantly improved financial strength, we are poised to build upon the world-class service we provide to our customers while capitalizing on value enhancing opportunities for our shareholders.”
This offshore marine support and transportation services’ provider filed for Chapter 11 protection on May 17, 2017, listing $1.1 billion in pre-petition assets.
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