Harvey Gulf International Marine’s (“HGIM”) Joint Prepackaged Chapter 11 Plan, confirmed on May 23, 2018, was declared effective and the Company has emerged from Chapter 11. Court documents note, “Substantially and concurrently with the effective date of the Prepackaged Plan and pursuant to the Prepackaged Plan, in exchange for the release and discharge of the loans and accrued and unpaid interest outstanding under the Original Credit Agreement, the Lenders are receiving new term loans under an exit term loan facility (the “Facility”) issued (or deemed issued) under this Credit Agreement by the Borrower in the initial aggregate principal amount of $350,000,000.” In a press release announcing the filing, HGIM noted, “Under the reorganization, Harvey Gulf has shed approximately $1 Billion in debt and emerges with a dramatically de-leveraged balance sheet. Additionally, the Company has kept its commitments to its trade vendors, paying all unsecured claims in full…. The Company is also pleased to announce that it has reached an agreement with Shane Guidry, Harvey Gulf’s Chairman and CEO, to extend Mr. Guidry’s employment contract for an additional five years from the date of emergence.” “This privately-held operator of marine transportation equipment and more than 90 affiliated Debtors filed for Chapter 11 protection on March 7, 2018, listing more than $1 billion in pre-petition debts.
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