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...
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