New Delaware Chapter 11 Filing – GulfMark Offshore, Inc.

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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.

As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.

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