On March 16, 2017, S&P Global Ratings lowered its corporate credit rating on GulfMark Offshore, Inc. to D from CCC- and its senior unsecured debt rating to D from CCC. “Gulfmark has entered into a 30-day-grace period to make the March 15 interest payment on its 6.375% senior unsecured notes due 2022,” said S&P Global Ratings credit analyst Kevin Kwok. “The ‘D’ corporate credit and issue-level ratings reflect our expectation that company will not make the interest payment within the 30-day-grace period, and will instead seek a debt restructuring,” he added.
In Form 8-K filed on March 14, 2017, GulfMark Offshore, Inc. announced that it has retained Evercore Group L.L.C. and Alvarez & Marsal North America, LLC, as financial advisors and Weil, Gotshal & Manges LLP as counsel. Read more on distressed companies.