Business 'Doctors' Honored for Work on Deep Ocean Group

Press Release
Wednesday, September 26, 2012

Business advisory specialists, AlixPartners, honored by TMA for 'International Turnaround of the Year' for their work at DeepOcean Group.

AlixPartners, the global business-advisory firm, has been honored by the Turnaround Management Association for its work, in concert with other advisors, at the company now known as DeepOcean Group Holding AS, previously the Trico Marine Group. The AlixPartners team, led by John Castellano, managing director, was cited for its contributions in the highly successful effort, which is the winner of the TMA's "Turnaround of the Year: International Company" award for 2012.

The Norwegian-registered DeepOcean Group is an integrated provider of subsea, trenching and marine-support vessels and services, including to the oil and gas industry, and has a global presence including in the North Sea, the United Kingdom, Mexico, Brazil, Southeast Asia and Australia. 

To execute the turnaround, the team had to overcome complex and contentious intercreditor negotiations and litigation, against a backdrop of a liquidity crisis brought on by a deteriorating operating environment, an extremely high debt burden ($1.4 billion in total) and rapidly increasing internal costs. 

Results included a consensual debt-for-equity exchange with 99.9% all noteholders tendering their notes for conversion, as well as the creation of a new credit facility with new equity-holders.

"AlixPartners' unique mix of resources for successfully tackling complex international assignments, as well as our expertise in the maritime industry, really shone through in this engagement," said Peter Fitzsimmons, president of the Americas at AlixPartners and co-lead of the firm's Turnaround & Restructuring Services unit. "In accomplishing so much, including the virtually unanimous debt-for-equity exchange, in this contentious cross-border case, our entire team at DeepOcean proved once again that AlixPartners is the firm clients can turn to worldwide to help them solve the thorniest of challenges."


Also recognized by the TMA for their work on the DeepOcean engagement were: John E. Mitchell, Vinson & Elkins LLP;  David Hilty, Houlihan Lokey; David Ying, Evercore; Andrew Rosenberg, Paul, Weiss, Rifkind, Wharton & Garrison LLP; Joel H. Levitin, Cahill Gordon Reindel LLP; Richard Sjøqvist, Bugge, Arentz-Hansen & Rasmussen; and Robert Dehney, Morris, Nichols, Arsht & Tunnell LLP.


Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

EV Appoints New CEO

Leading specialist in well diagnosis, EV has announced the appointment of a new chief executive officer.   Bringing over 28 years’ of industry experience to the role,

Samil PwC Okays Hyundai's Management Improvement Plan

Hyundai Heavy Industries (HHI) is notified by Samil PwC, a local member of the global accounting firm PwC, that its 3.5 trillion won worth management improvement

Volvo Penta Names Brown Commercial Marine Sales Director

Dave Brown has joined Volvo Penta of the Americas as director of commercial marine sales.   In this new position, Brown will provide strategic and administrative

Finance

DP World's H1 Gross Volumes up 1.2%

DP World Limited handled 31.4 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals during the first half of 2016, with gross container volumes growing by 2.

Will UK Maritime Traffic Rise or Fall on Brexit?

UK container traffic will see more muted growth than expected a few months ago, at least in the short term, says Drewry.   Patrick Walters, Peel Ports’ Group Commercial Director,

Samil PwC Okays Hyundai's Management Improvement Plan

Hyundai Heavy Industries (HHI) is notified by Samil PwC, a local member of the global accounting firm PwC, that its 3.5 trillion won worth management improvement

 
 
Maritime Security Maritime Standards Naval Architecture Pipelines Pod Propulsion Port Authority Salvage Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0985 sec (10 req/sec)