Offshore Oil Marine Services Firm Plans $430M Debt Swap

By Vince Sullivan (May 17, 2017, 2:13 PM EDT) -- A company that provides marine services to offshore oil and gas drillers throughout the world hit Chapter 11 on Wednesday in Delaware with a plan in hand to swap $430 million of note debt for a large portion of the equity of a reorganized company.

GulfMark Offshore Inc. restructuring adviser Brian J. Fox of Alvarez & Marsal North America LLC said in a first-day declaration that the debtor has suffered the same fate as many other oil explorers and the firms that provide services to them as the price of oil cratered in 2014. Depressed prices led to decreased drilling activities...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!