Marine Link
Friday, March 29, 2024
SUBSCRIBE

Bankruptcy Court News

06 Sep 2021

Seadrill Closer to Chapter 11 Emergence as Court Nod Granted

(Photo: Seadrill)

Offshore drilling company Seadrill has moved a step closer to reaching bankruptcy emergence after the United States Bankruptcy Court for the Southern District of Texas approved the disclosure statement for the company's proposed plan of reorganization.Seadrill said Friday that the court had authorized the company to distribute the disclosure statement and solicit votes from all lenders on the Plan. The court also set a hearing to consider approval of the Plan for October 26, 2021."The…

21 Jul 2021

Buyers Reportedly Line-up for a Crack at Seadrill

© Elnur/AdobeStock

Noble Corp and a consortium that includes Transocean Ltd and Dolphin Drilling are competing to acquire the assets of Seadrill Ltd, the bankrupt offshore oil driller controlled by Norwegian-born tycoon John Fredriksen, people familiar with the matter said on Tuesday.Seadrill is trying to emerge from its second U.S. Chapter 11 bankruptcy in four years: like many in the industry, it expanded its drilling rigs too aggressively in the mid-2010s to withstand a subsequent plunge in energy prices and rig hire rates.

05 Apr 2021

Seadrill Asks Creditors to Write Off More Than 85% of its Debts

A Seadrill drillship - Image Credit: Seadrill

Offshore drilling rig contractor Seadrill has asked creditors to write off more than 85% of its debts in exchange for a 99% stake in the reorganized company, a court filing showed.The Oslo-listed firm controlled by Norwegian-born billionaire John Fredriksen in February filed for Chapter 11 bankruptcy protection in the United States, the second time it has done so in four years.Seadrill has in the past year written off billions of dollars worth of assets due to a bleak outlook for the oil sector…

05 Mar 2021

Valaris Set to Emerge from Bankruptcy as Reorganization Plan Approved

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.

02 Nov 2020

Pacific Drilling Files for Chapter 11 Bankruptcy Again

Pacific Drilling drillships - Credit: Rab Lawrence/Flickr under CC BY 2.0 license

Offshore drilling firm Pacific Drilling and certain of its subsidiaries have filed for Chapter 11 bankruptcy with the aim to eliminate $1.1 billion debt.The company, which had previously filed for Bankruptcy in 2017, said Friday that it and certain of its domestic and international subsidiaries had filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas.Pacific Drilling…

29 Sep 2020

Bouchard Transportation Files for Chapter 11

(Photo: Bouchard Transportation)

Long Island-based barge operator Bouchard Transportation has filed for Chapter 11 bankruptcy after several years fraught with legal and financial difficulties.The family-owned oceangoing tug and petroleum barge firm filed alongside several of its subsidiaries Monday in the U.S. Bankruptcy Court for the Southern District of Texas.According to the filings, Bouchard has between 1,000 and 5,000 creditors, liabilities between $100 million and $500 million and assets worth between $500 million and $1 billion.

12 Aug 2020

Hermitage Offshore Services Files for Chapter 11

Offshore vessel owner Hermitage Offshore Services, hit by prolonged low oil prices and business fallout from the coronavirus pandemic, said it has voluntarily filed for reorganization under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York.New York-listed Hermitage, part of the Scorpio Group, said it filed for Chapter 11 after failing to reach a financial restructuring deal with lenders out of court."While the company would have preferred to complete its financial restructuring out of court, it was unable to reach a consensual agreement with its lenders, which made filing Chapter 11 necessary to provide a single forum for all continuing conversations with its lenders…

19 May 2020

Hornbeck Offshore Files for Chapter 11 Bankruptcy

(Photo: Hornbeck Offshore Services)

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…

11 Sep 2020

Hornbeck Offshore Strikes Restructuring Deal with Lenders

A Hornbeck Offshore vessel - Image credit: Hornbeck Offshore

US-based offshore vessel provider Hornbeck Offshore has struck a comprehensive balance sheet restructuring support agreement with its lenders.The announcement on Tuesday follows Hornbeck’s previous announcement earlier this month when the company said it was in talks with lenders over the terms of the balance sheet restructuring, to be implemented through a prepackaged chapter 11 filing in the Southern District of Texas.Hornbeck Offshore said Tuesday that it had entered into restructuring…

23 Dec 2019

OSVs: Rising Tide Won't Lift All Boats

© corlaffra / Adobe Stock

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.

06 Nov 2018

Aegean Marine Files for Chapter 11

Aegean Marine Petroleum Network Inc. announced Tuesday that it has filed for chapter 11 bankruptcy protection as the New York listed marine fuel supplier is being investigated to determine whether there was $200 million fraud involving fake transactions with brass-plate companies.Aegean said it has financial support of Swiss strategic partner Mercuria Energy Group Ltd., one of the world’s largest independent energy and commodity companies. Mercuria has pledged more than $532 million in postpetition financing to fund the chapter 11 process and the Aegean’s working capital needs, and has agreed to serve as the stalking horse bidder in…

07 Sep 2018

Pacific Drilling to Raise USD700mln for Restructuring

Pacific Drilling  announced that a special purpose wholly owned subsidiary of the Company intends to offer $700 million aggregate principal amount of senior secured first lien notes that mature five years following their issuance, subject to market conditions.The notes are being offered in connection with the restructuring of Pacific Drilling as part of the First Amended Joint Plan of Reorganization filed with the U.S. Bankruptcy Court for the Southern District of New York on August 31, 2018.The net proceeds of the offering will be funded into an escrow account  established and maintained by the Escrow Issuer. If Pacific Drilling’s proposed Plan is confirmed and certain other conditions are satisfied on or before December 22…

02 Jul 2018

Harvey Gulf Emerges From Chapter 11 Proceedings

Harvey Gulf International Marine announced that it has completed its financial restructuring and emerged from Chapter 11 Bankruptcy proceedings. This marks the completion of the Plan of Reorganization approved by the bankruptcy court, 77 days following Harvey Gulf’s prepackaged filing. Under the reorganization, Harvey Gulf has shed approximately $1 Billion in debt and emerges with a dramatically de-leveraged balance sheet. Additionally, the Company has kept its commitments to its trade vendors, paying all unsecured claims in full. Harvey Gulf will combine its new financial strength with its long history of operational excellence as the industry leader in safety and environmental protection…

11 Jun 2018

Metal Shark Acquires Horizon Shipbuilding Assets

A steel tug built by Horizon Shipbuilding on the 660-ton Travelift at Metal Shark’s newly-acquired Alabama Shipyard (Photo: Metal Shark)

Louisiana-based shipbuilder Metal Shark said it has acquired the assets of Alabama-based Horizon Shipbuilding, which filed for Chapter 11 bankruptcy protection in October 2017.Metal Shark will assume ownership of Horizon’s fully developed 35-acre shipbuilding facility in the Mobile Bay region, following a motion approved by the U.S. Bankruptcy Court Southern District of Alabama on June 5, 2018.The Horizon facility, which features separate east and west yards both fronting a dredged deepwater inlet…

23 May 2018

Harvey Gulf Receives Court's Confirmation of Reorganization Plan

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.

13 Mar 2018

Harvey Gulf's Guidry Remains Confident as Bankruptcy Plays Out

In a March 10th E-mail to customers and media alike, Guidry charts the course ahead. In a terse E-mailed letter addressed to 'Valued Harvey Gulf Customers,' the U.S. flag offshore energy support CEO this weekend said, "I am pleased to report that the Bankruptcy Court has granted all of the first day relief requested by Harvey Gulf in our Chapter 11 proceedings. The letter continued, "Among the most significant relief granted was that Harvey Gulf is authorized to pay our all of our vendors in full and in our normal course of business. This is true both for services performed before, and after, our filing date. Responding to queries from MarineNews for further clarification…

25 Jan 2018

Seadrill Postpones Court Hearing for Restructuring Talks

(Photo: Seadrill)

Drilling rig company Seadrill said in a court filing it postponed an initial hearing on its restructuring plan to Feb. 7, which sources told Reuters will give the company more time to consider alternative restructuring plans. Once the largest drilling rig operator by market value, Seadrill filed for bankruptcy protection in Texas on Sept. 12 after being hit hard by cutbacks in oil company investment following a steep drop in crude prices. Wednesday's court filing also said the deadline for objecting to Seadrill's plan had been extended to Feb.

09 Jan 2018

Seadrill Bondholders Post Cash Deposit for Rival Restructuring

(Photo: Seadrill)

Owners of unsecured bonds in rig firm Seadrill have posted a cash deposit to back an alternative financial restructuring, paving the way for talks with the drilling operator over its future, the two sides said on Monday. Seadrill, once the largest drilling rig operator by market value, filed for bankruptcy protection in a U.S. court on Sept. 12 after being hit hard by cutbacks in oil company investment following a steep drop in crude prices. The company's main owner, Norwegian-born billionaire John Fredriksen…

02 Oct 2017

CGG Wins Creditor Support for Chapter 11 Plan

CGG SA announces that all creditor classes entitled to vote on the chapter 11 plan proposed in the chapter 11 cases commenced on 14 June 2017 in the US Bankruptcy Court for the Southern District of New York by CGG SA’s 14 main foreign, direct and indirect subsidiaries, each a borrower or guarantor in respect of CGG Group’s funded financial indebtedness, have accepted the plan overwhelmingly. Specifically, all holders who have cast ballots in respect of the Secured Loans, and 97.14% in number and 97.96% in amount of those casting ballots in respect of the Senior Notes, voted in favour of the plan. Reuters reported that CGG has debt in excess of $3 billion…

31 Jul 2017

Tidewater Emerges from Chapter 11 Bankruptcy

New Orleans-based  Tidewater Inc and its affiliated chapter 11 debtors have emerged from bankruptcy after successfully completing its reorganization pursuant to the Second Amended Joint Prepackaged Chapter 11 Plan of Reorganization of Tidewater and its Affiliated Debtors that was confirmed on July 17, 2017 by the United States Bankruptcy Court for the District of Delaware. Capitalized terms used but not defined below have the meanings ascribed to them in the Plan, which was filed as Exhibit 2.1 to the Company's Current Report on Form 8-K filed on July 18, 2017. Through its Plan, Tidewater eliminated approximately $1.6 billion in principal of outstanding debt…

21 Jul 2017

STX Bags Orders for Six Tankers

South Korea’s STX Offshore & Shipbuilding won contracts to build six tankers from Greece and local shippers, reports Korea JoongAng Daily. STX announced that Greek shipper OceanGold Tankers placed an order for four medium-range tankers of 50,000 DWT capacity. Two were order on an option contract, which gives the buyer a right to pay for the ship at a pre-determined price in case ship prices rise. The deal was worth $140 million in total. According to STX,  the ships will be constructed in its Jinhae shipyard in Changwon, South Gyeongsan, and delivered by the first quarter of 2019. Two days ago, STX announced orders for two 11,200 DWT tankers - one an option contract - that move oil and chemical products from a local company, Woolim Shipping.

30 Jun 2017

Subsea 7 Acquires EMAS Chiyoda Subsea Assets

Subsea 7 S.A. said it has acquires certain businesses of EMAS Chiyoda Subsea (ECS) under a U.S. bankruptcy code Chapter 11 Plan of Reorganization, confirmed by the U.S. Bankruptcy Court for the Southern District of Texas and became effective on June 29, 2017. According to Subsea 7, it will pay less than $100 million in aggregate, including its contribution to the Debtor in Possession credit facility, to acquire the ECS businesses, the Ingleside spoolbase and other assets. “In a challenging business environment our differentiated offering and strong capital discipline has enabled us to pursue this opportunity. This targeted investment enables Subsea 7 to accelerate its strategy to provide a market leading service in the Middle East,” said Subsea 7 CEO, Jean Cahuzac.

28 Mar 2017

Ocean RIG Files for Bankruptcy Protection in US

Photo: Ocean RIG

Rig contractor Ocean RIG UDW Inc filed for Chapter 15 bankruptcy protection in a U.S. court amid a deep and prolonged downturn in the industry. Shares of the company plunged 36.4 percent to 46 cents in early trading on Tuesday. The Cyprus-based company, which had $3.25 billion in debt as of Dec. 31, filed for bankruptcy in the United States Bankruptcy Court for Southern District of New York on Monday. Under U.S. bankruptcy laws, Chapter 15 grants a foreign company protection from creditors looking to seize its assets in the country.