HOUSTON, Nov. 14, 2017 (GLOBE NEWSWIRE) — GulfMark Offshore, Inc. (NYSE American:GLF) (“GulfMark” or the “Company”) today announced that it has completed its financial restructuring plan and emerged from bankruptcy protection under chapter 11 of the U.S. Bankruptcy Code. The Companys court-approved Plan of Reorganization (the Plan) went into effect today, November 14, 2017. The Plan converts approximately $429.6 million of outstanding bonds (Bonds) into equity, and raises 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. “With significantly improved financial strength,…
Read the full article at: https://globenewswire.com/news-release/2017/11/15/1186300/0/en/GulfMark-Offshore-Successfully-Completes-Restructuring-Plan-and-Emerges-from-Chapter-11.html