GulfMark emerges from chapter 11 bankruptcy

GulfMark Offshore, a U.S.-based marine transportation services provider, has completed its financial restructuring plan and emerged from bankruptcy protection under chapter 11 of the U.S. Bankruptcy Code.

The company’s court-approved plan of reorganization went into effect on Tuesday, November 14. The plan converted approximately $429.6 million of outstanding bonds into equity, and raised approximately $125 million of new equity capital.

“GulfMark is now positioned as one of the best capitalized companies in the global offshore industry,” said Quintin Kneen, President and Chief Executive Officer.

Kneen added: “Throughout the restructuring process, our priority has been to deliver world class safety and customer service. We have worked to ensure that GulfMark has the right talent, systems and equipment to meet the tough demands of the current market. Moving forward, our focus on operational excellence and scalability will continue.”

“We would like to take this opportunity to thank our 1,070 employees and all of our stakeholders for their tremendous effort and support during the reorganization process,” said Kneen.

Pursuant to the plan, the company’s new board of directors was appointed on Tuesday: Louis A. Raspino, Jr., Chairman, Eugene DavisDomenic DiPieroScott McCartyKrishna Shivram and Kenneth Traub. Quintin V. Kneen, the company’s President and Chief Executive Officer, will continue to serve as a director.

 

7M new shares

 

Upon emergence, the existing shares of GulfMark common stock outstanding prior to the reorganization were cancelled and GulfMark will issue approximately seven million shares of new common stock, approximately three million warrants exercisable for one share of common stock at an exercise price per share of $0.01 and 810,811 warrants exercisable for one share of common stock at an exercise price per share of $100.00.

The new common stock and the existing equity warrants are expected to be listed on the NYSE American under the ticker “GLF” and “GLF WS,” respectively, and are expected to begin trading on November 15, 2017.

 

New credit facilities for Rederi

 

In addition, Gulfmark’s subsidiary, GulfMark Rederi entered into an agreement with lenders, providing for two credit facilities: a senior secured revolving credit facility and a senior secured term loan facility.

The revolving credit facility provides for loans of up to $25 million, including a $12.5 million swingline loan subfacility and a $5 million letter of credit subfacility. The term loan facility provides a $100 million term loan, which has been funded in full. The final maturity date for the facilities is November 14, 2022. The company’s previously outstanding credit facilities have been repaid and terminated.

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