Offshore Marine gets 60-day exclusivity extension to formulate plan

By Caroline Salls

Pittsburgh, March 16 – Offshore Marine Contractors, Inc. obtained an extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to an order filed Friday with the U.S. Bankruptcy Court for the Eastern District of Louisiana.

The company’s exclusive filing period was extended to June 1 from April 2 and the solicitation period to July 31 from June 1.

According to the motion, Offshore Marine needs additional time to formulate a plan and disclosure statement because it is still negotiating terms of a plan with interested parties, including valuation of the company’s vessels and financing.

“Providing the debtor the additional time requested herein, a 60-day extension of each of the exclusivity periods, will permit the debtor to provide its creditors better, more complete information in its forthcoming plan and disclosure statement,” the motion said.

Cutoff, La.-based Offshore Marine provides offshore, self-propelled, self-elevating liftboats for the petroleum exploration and transportation industries. The company filed bankruptcy on Dec. 4 under Chapter 11 case number 19-13253.

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