Milbank, Tweed, Hadley & McCloy LLP represented the Ad Hoc Group of holders of senior notes issued by GulfMark Offshore, Inc. in connection with the company’s restructuring. GulfMark is the direct or indirect holding company for several nondebtor subsidiaries that operate in three oil and gas regions, with 66 vessels based across the Americas, the North Sea and the Southeast Asian markets.
On October 4, 2017, the US Bankruptcy Court for the District of Delaware entered an order confirming GulfMark’s plan of reorganization (the “Plan”) and, on November 14, 2017, the Plan became effective pursuant to its terms. Under the Plan (and consistent with the restructuring support agreement entered into with the Ad Hoc Group), GulfMark’s restructuring was comprised of two key components: (i) two rights offerings to raise an aggregate of $125 million, which were backstopped by certain members of the Ad Hoc Group, and (ii) exit financing on terms acceptable to the Company and the Ad Hoc Group. Milbank played a key role in structuring, negotiating, and overseeing the implementation of both of these components. Milbank is now counsel to GulfMark.
The Milbank team was led by Financial Restructuring partner Evan Fleck. Also advising the Ad Hoc Group were partners Paul Denaro (Capital Markets), Scott Golenbock (Corporate), Russell Kestenbaum (Tax), Eric Reimer (Corporate), and Manan Shah (Executive Compensation and Employee Benefits), special counsel Brian Stern (Corporate), associates Nelly Almeida (Financial Restructuring), Arielle Katzman (Capital Markets), and Christina Skaliks (Tax), and other Milbank lawyers.
