GulfMark Gets Interim Clearance For 'Unusual' DIP Loan

By Matt Chiappardi (May 18, 2017, 7:15 PM EDT) -- A Delaware bankruptcy judge on Thursday allowed GulfMark Offshore Inc. to tap up to $20 million of what the oil services company acknowledged was an "unusual" post-petition loan, which is extended by a nondebtor affiliate in Norway from financing originally issued by DNB Bank ASA.

During a first-day hearing in Wilmington, U.S. Bankruptcy Judge Kevin Gross gave his interim approval to a debtor-in-possession financing arrangement that would see GulfMark's nondebtor affiliate GulfMark Rederi AS be the lender on what is essentially a $35 million intercompany loan to be used to help fund operations and the restructuring process.

GulfMark Rederi will get...

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