GulfMark units secure default forbearance for multi-currency facility

By Caroline Salls

Pittsburgh, May 23 – GulfMark Offshore, Inc. said GulfMark Americas, Inc. and GulfMark Management, Inc. entered into a forbearance agreement with lender agent The Royal Bank of Scotland plc on their multi-currency facility agreement.

According to an 8-K filed Tuesday with the Securities and Exchange Commission, the lender agent agreed to waive specified defaults and events of default and to forbear from exercising any default-related rights until the earlier of May 31 and the occurrence of an early termination event.

In addition, the agent agreed to rescind during the forbearance period the provision in the facility agreement that results in an automatic acceleration of the outstanding obligations, termination of the lending commitments and a requirement to cash-collateralize letters of credit in connection with the event of default arising as a result of the company’s bankruptcy filing.

Houston-based GulfMark Offshore provides marine transportation services to the energy industry. The company filed bankruptcy on May 17 in the U.S. Bankruptcy Court for the District of Delaware under Chapter 11 case number 17-11125.

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