GulfMark Offshore plan confirmation, effective date deadlines extended

By Caroline Salls

Pittsburgh, Sept. 22 – GulfMark Offshore, Inc. entered into an amendment to its restructuring support agreement with holders of its unsecured 6 3/8% senior notes due 2022 that extends the milestone dates for the confirmation and effective date of its Chapter 11 plan to Oct. 10 and Oct. 31, respectively, according to an 8-K filed Friday with the Securities and Exchange Commission.

The company also entered into an amendment to the commitment agreement under which some of the noteholders agreed to backstop a $125 million rights offering. The backstop agreement amendment also extends the plan confirmation and effective date deadlines to Oct. 10 and Oct. 31.

According to the 8-K, the plan milestones were also amended under GulfMark’s debtor-in-possession credit agreement. The maturity date of the DIP facility was extended in July to Nov. 18 from Aug. 18. The DIP financing amendment also adds a Sept. 27 milestone in connection with the company’s obligation to obtain commitments for an exit facility.

Meanwhile, under an extension of a support and forbearance agreement with lender agent The Royal Bank of Scotland plc, the company’s forbearance period was extended to the earlier of Sept. 27, subject to an extension to Oct. 31, and the occurrence of termination events.

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.