GulfMark Offshore Gets OK To Poll Creditors On Ch. 11 Plan

By Matt Chiappardi (June 26, 2017, 5:05 PM EDT) -- A Delaware bankruptcy judge gave GulfMark Offshore Inc. the go-ahead Monday to poll creditors on its Chapter 11 plan to swap out more than $400 million in debt for equity in a reorganized company, noting that the disclosure statement described a "very complicated" restructuring transaction.

During a hearing in Wilmington, U.S. Bankruptcy Judge Kevin Gross agreed to approve the disclosure statement describing what will essentially be a complex debt-for-equity swap and rights offering with unsecured noteholders, which hold about $500 million of the offshore drilling services company's debt, that trades about $430 million in outstanding principal on notes for nearly 35.7...

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