GulfMark disclosure statement approved; plan hearing set for Aug. 1

By Caroline Salls

Pittsburgh, June 28 – GulfMark Offshore, Inc. received court approval of the disclosure statement for its amended plan of reorganization, according to an order filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

The plan confirmation hearing is scheduled for Aug. 1.

As previously reported, some holders of the company’s 6 3/8% senior unsecured notes due 2022 signed a restructuring support agreement under which the company will convert its outstanding senior notes to 35.65% of the equity in a reorganized GulfMark.

The conversion will result in the elimination of roughly $430 million in outstanding debt and $27 million in annual interest payments.

The company said it will also launch a $125 million rights offering to holders of its senior notes for an additional 60% of the equity in a reorganized GulfMark, providing liquidity to fund its operations. The rights offering will be backstopped by some of the senior noteholders.

Existing shareholders will receive ¾% of the equity as well as warrants for an additional 7½% of the equity in the reorganized GulfMark. The warrants will have a seven-year term and an exercise price based on a reorganized overall equity value of $1 billion.

RBS guarantee claims will be paid in full in cash.

Houston-based GulfMark Offshore provides marine transportation services to the energy industry. The Chapter 11 case number is 17-11125.

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