Reorganization Plan News

Offshore drilling company Valaris, the world's largest by fleet size, has received approval from the United States Bankruptcy Court for the Southern District of Texas of its prearranged plan of reorganization, and has agreed with Korea's Daewoo to delay deliveries of two newbuild drillships.The offshore driller filed for bankruptcy in August 2020, in a move to restructure its debt load and reduce debt by more than $6.5 billion.The company this week said that in addition to bankruptcy court confirmation, the plan received support from approximately 80% of the company's unsecured notes and bank lenders representing 100% of the company's credit facility claims.

U.S.-based offshore support vessel provider Hornbeck Offshore Services said Friday it had completed its reorganization and emerged from Chapter 11 Bankruptcy.The company had in April struck a comprehensive balance sheet restructuring support agreement with its lenders, to be implemented through a prepackaged chapter 11 filing in May in the Southern District of Texas.Hornbeck, which provides offshore services in the Gulf of Mexico and Latin America, said Friday that it had on September 4, 2020, emerged from Chapter 11 under its previously announced reorganization plan.Todd M.

Offshore oil and gas driller Noble Corp said on Friday it had filed for chapter 11 bankruptcy protection to restructure debt, following a historic fall in energy prices.The company said it would swap all its bond debt, which accounts for more than $3.4 billion of its total debt, with equity in the restructured company.Companies that operate offshore drilling rigs for major oil producers are facing a second wave of bankruptcies in four years, amid a historic drop in energy prices that will likely leave surviving drillers more closely tied to big oil firms.Noble expects to emerge with a new $675 million secured revolving credit facility…

Hornbeck Offshore Services has filed for chapter 11 to implement a prepackaged reorganization plan, according to a court filing in the U.S. Bankruptcy Court in Houston.The U.S.-based offshore vessel owner with more than $1 billion in long-term debt announed in March that it was negotiating wth lenders a restructuring support agreement and said it was moving toward a preackaged chapter 11 filing in the Southern District of Texas.In April, New York-listed Hornbeck struck a comprehensive…

The offshore supply vessel (OSV) industry has emerged from its 2017 trough, thanks in large part to a slight shrinkage of the active fleet, a string of debt restructurings, improved cost management, and an uptick in drilling activity in a few regions. The industry is far from healthy, though, and the climb back to financial well-being will likely be long and unsteady. Not every operator will survive. And even though we’ve seen some improvement from 2017 levels, leverage ratios remain sky-high, the supply of vessels far outstrips demand, and—most crucially—the price of oil remains volatile.

Italian shipbuilder Fincantieri has posted higher earnings in the first nine months, but said the result was hit by losses at its Vard unit. Revenues increased by 9.7% at euro 4,254 million (euro 3,878 million at 30 September 2018).Fincantieri reported a positive performance of the Shipbuilding segment (+30.2% compared to 30 September 2018 despite the negative impact of Vard cruise projects) and was affected by the negative margin of the Offshore and Specialized Vessels segment.Positive operating performance at Group level, improving in all areas, but limited by the negative results of Vard, which is undergoing a reorganization process aiming at improving its management trend.Giuseppe Bono…

Harvey Gulf International Marine issues statement on status of Chapter 11 Reorganization. Today, the United States Bankruptcy Court, Southern District of Texas - Houston Division, confirmed the final Plan of Reorganization submitted by Harvey Gulf International Marine. The approval comes just 77 days following Harvey Gulf’s prepackaged filing, considerably faster than all previous Chapter 11 proceedings for vessel operators over the last five years. Following the hearing, Harvey Gulf CEO, Shane Guidry, commented, “We really appreciate the diligent and collaborative efforts of all involved in this process – both within the company and from the legal and financial support teams.” Mr.

A U.S. judge said on Tuesday he would approve Seadrill Ltd's plan to exit its Chapter 11 bankruptcy, in which the global offshore oil and gas drilling company would shed billions of dollars of debt and raise $1 billion in new investment. U.S. Bankruptcy Judge David Jones in Houston overruled two minor objections to the reorganization plan during a 90-minute hearing. The plan extends maturities on more than $5 billion of bank loans and converts about $2.3 billion in bond debt into equity in a reorganized Seadrill.

GulfMark Offshore, Inc. said it has completed its financial restructuring plan and emerged from bankruptcy protection under chapter 11 of the U.S. Bankruptcy Code. The company’s court-approved reorganization plan went into effect November 14, 2017, and converts approximately $429.6 million of outstanding bonds into equity, and raises approximately $125 million of new equity capital. “GulfMark is now positioned as one of the best capitalized companies in the global offshore industry,” said Quintin Kneen, President and Chief Executive Officer.

Sete Brasil Participações SA presented a draft reorganization plan on Friday that includes seeking up to $5 billion in funding and downsizing business, three months after the Brazilian rig leaser sought court protection against 18 billion reais ($5.7 billion) in looming debt payments. Rio de Janeiro-based Sete Brasil is asking creditors, which include some of the world's leading shipbuilders and Brazil's largest lenders, to endorse a plan to help build between eight and 12 rigs, down from an original target of 28, Chief Executive Officer Luiz Eduardo Carneiro said in an interview. The plan was submitted to a court in Rio de Janeiro, where Sete Brasil's reorganization is being handled, said the firm.

Nantong Mingde Heavy Industry (NMHI), a subsidiary of the financially troubled shipbuilder Jiangsu Sainty Marine Corporation, has missed the June 26 deadline to submit its restructuring plan to the Nantong People’s court. In other words, Sainty Marine has aborted its plan to help the restructuring of debt-ridden compatriot Nantong Mingde Heavy Industry. The court accepted Nantong’s application for the bankruptcy reorganization on December 26, 2014. NMHI has entered into court receivership since Sainty Marine applied for the bankruptcy restructuring. China’s bankruptcy law stipulates that administrators or debtors must submit a draft reorganization plan within six months of the court’s acceptance of the restructuring plan.

The Houston-based NASDAQ-listed drilling contractor Hercules Offshore Inc. (HERO) has entered a restructuring agreement with a noteholder group, and expects a prepackaged reorganization plan. HERO says the agreement will convert $1.2B of debt to new common equity, and noteholders will backstop $450M of new debt financing to fully fund the remaining construction cost of the Hercules Highlander and provide additional liquidity to fund the company's operations. HERO's existing equity holders will see their stake reduced to 3.1%. John T. "The Agreement we reached contemplates a value maximizing transaction for the Company, which we expect will impact our balance sheet only, while our operations will continue as usual.

Eagle Bulk Shipping filed for bankruptcy on Wednesday, the latest in a string of shipping companies to make a Chapter 11 filing, and said it reached agreement with its lenders to cut its debt by $975 million. The U.S. company said in a statement that creditors who hold more than 85 percent of its loans have voted in favor of a proposed reorganization plan. Getting creditor support for a "prepackaged" plan before filing for Chapter 11 can dramatically cut the time a company spends in bankruptcy. Eagle Bulk filed in Manhattan's U.S. Bankruptcy Court.

Six affiliated companies of STX Dalian Shipbuilding, China's largest wholly foreign-funded shipbuilding company, are to start bankruptcy reorganization procedures, reports Xinhua, citing a court statement in Dalian City in northeast China's Liaoning Province. STX Dalian Shipbuilding is the Chinese unit of STX Group, one of the world's top five enterprises in the shipbuilding industry. The court indicated to Xinhua that, due to their inability to pay off their debts before the due date, the companies had filed a bankruptcy reorganization plan with the court. Bankruptcy reorganization aims to help companies that are facing bankruptcy but still have value and hope to reemerge. Xinhau adds that the policy has been adopted by many countries.

In the past two or three years, we have seen a wave of shipping companies file Chapter 11 bankruptcy cases in the United States. This latest wave started hitting the street in about 2011 and has included such names as General Maritime, Omega Navigation, Marco Polo, TBS International, B&H, and OSG. The timing is no mystery to anyone who has been following our industry, and I do not think it is too controversial to suggest that what we are seeing now are the continuing effects of the precipitous collapse of freight markets starting in 2008 which…

Shipbuilders, Fincantieri, publish its 2012 financial results; announce resignation of Chairman Corrado Antonini. ·         Order portfolio at euro 7,817 million (euro 8,361 million in 2011). Commercially, Fincantieri succeeded in making the best of the available opportunities, finalizing agreements for new orders, including options, worth a total of euro 6.5 billion. This figure includes euro 1.4 billion in finalized contracts, while the remaining agreements are all subject to finalization of the related financial packages. In particular, in the merchant vessels business unit, contracts were signed for the construction of two cruise…

1946- Pursuant to Executive Order 9083 and Reorganization Plan No. 3 the Bureau of Marine Inspection was abolished and became a permanent part of the Coast Guard. (Source: USCG Historian’s Office)

Friede Goldman Halter, Inc. announced that the U.S. Bankruptcy Court has extended the exclusively period for filing of a reorganization plan until February 11, 2002. The primary secured lending group and the Official Unsecured Creditors’ Committee unanimously supported this extension. The restructuring committee of the board of directors has been evaluating expression of interest received from potential strategic and financial parties. These interested parties will conduct final due diligence in the next 30 days, and the restructuring committee expects to make its recommendation prior to February 1, 2002. Both the restructuring committee and the official unsecured creditors’ committee are evaluating all possible alternatives for the company.

Friede Goldman Halter, Inc. that it has submitted its plan for reorganization to the United States Bankruptcy Court. Friede Goldman Halter has worked closely with its unsecured creditors to develop this plan. The plan calls for the reorganization of Friede Goldman Offshore and Halter Marine and anticipates that the previously announced sale of AmClyde and Friede & Goldman, Ltd. (a naval-architecture and marine-engineering firm specializing in offshore rig design) will be finalized. As Friede Goldman Halter emerges from Chapter 11 the resulting independent business units, and their management, are looking forward to increased interest from their loyal customer base.

Friede Goldman Halter, Inc. (FGH) announced today the debtor’s decision to file a joint plan to reorganize Friede Goldman Offshore (FGO) and Halter Marine, Inc. (HMI) under Chapter 11 of the Bankruptcy code. The Debtors and the Official Unsecured Creditors Committee are supporting this reorganization. The Restructuring Committee of the Board of Directors, after extensive review of options, will pursue the internal reorganization of the Offshore and Marine segments which is believed to be in the best interests of all parties. Details of the reorganization plan are being finalized and the reorganization plan will be filed with the United States Bankruptcy Court in the near future. Jack Stone, Principal, Glass & Associates, Inc.

Captain Marine Services, Inc. of Dana Beach, Fla. has been servicing the yachting and sport diving industries for the last nine years for all of their need above and below the waterline as well as, providing immediate procurement consolidation and delivery of marine parts, supplies, and diving equipment. President Capt. Thomas J. Dunzelman recently announced the opening of a new shipping, receiving and agents office in Turtle Cove Marina, Providenciales, Turks & Caicos Islands, BWI. With many years of experience in the Turks & Caicos Islands, they can advise your clients as well as your crew on what to do and see while visiting Providenciales. Captain Marine Services provides an office where a captain can talk to another captain/engineer about their equipment needs.

American Commercial Lines LLC and its affiliated debtors today filed their Joint Plan of Reorganization in the United States Bankruptcy Court, Southern District of Indiana, New Albany Division. ACL and its affiliated debtors, including American Commercial Barge Line LLC and Jeffboat LLC, filed for Chapter 11 protection on January 31, 2003. Richard L. Under the terms of the Plan, ACL will issue $225M in new Senior Secured Notes, and approximately $138M in new Junior Secured Notes in satisfaction of obligations to the Senior Secured Lenders. Five-year Maritime Lien Holder Notes will be issued to holders of maritime liens or in the alternative, a cash payout of as much as fifty cents on the dollar.

Representative Ehlers (R-MI) introduced the National Oceanic and Atmospheric Administration Act (H.R. 5450) to provide for the National Oceanic and Atmospheric Administration, and for other purposes. If enacted, the bill would, among other things, require the Administrator to develop a proposed reorganization plan and publish it in the Federal Register to obtain public comment. Source: HK Law