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Gulfmark Bankruptcy Extension Sought

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Gulfmark Offshore filed with the U.S. Bankruptcy Court a motion to extend by 60 days the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including November 13, 2017 and January 12, 2018, respectively.

The motion explains, “In addition, although the Debtor has not yet obtained committed exit financing, the Debtor, its advisors, and the advisors for the Consenting Noteholders have been in advanced negotiations with DNB regarding the terms under which DNB and other lenders are willing to lend to the Company after the effective date of the Plan. Moreover, the Debtor continues to have the support of its main creditors, the Consenting Noteholders, as the Consenting Noteholders have extended the Restructuring Support Agreement. Plainly stated, the Debtor has administered, and will continue to administer, this chapter 11 case in an expeditious and cost-efficient manner for the benefit of all economic stakeholders.”

In addition, “The requested extension will assure the continuation of that process during the statutory period provided for in section 1121.” The Court scheduled an October 30, 2017 hearing to consider the motion, with objections due by September 27, 2017.

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