Deal with Existing Secured Lenders and Unsecured Noteholders will Significantly Delever the Balance Sheet, Provide $Million in Debtor-in-Possession Financing, Allow Use of Cash On Hand to Continue Operations During Reorganization, and Provide $1Million of New Equity Capital Upon Emergence. By the end of June, the company received approval for its reorganization plan from the U. The confirmed Plan achieved the overwhelming support of 1 of voting Class First Lien Claims in amount, 99. Class Second Lien Claims in amount, and 99. The Plan implements the previously announced Restructuring Support. The restructuring will be implemented in U. The New York-listed company said in an SEC filing that it has reached an agreement with lenders and holders of the company’s unsecured 5. April 2 from exercising certain.
The plan implements a previously announced restructuring support agreement negotiated with the company’s lenders and note holders. The reorganization plan implements the previously announced restructuring support agreement negotiated with the offshore service vessel operator’s lenders and note holders. Prepackaged Deal with Lenders will Allow Swift Restructuring with No Expected Impact on Customers, Services, Vendors or Employees The Plan will De-Lever the Balance Sheet, Provide $Million in Debtor-in-Possession Financing, Allow Use of Cash On Hand to Continue Operations During Reorganization, and Provide $1Million of New Equity Capital Upon Emergence to. Chapter to restructure.
Company) announced that on September. Rewind I: A decades-long garage sale = Sears. Hornbeck , which provides. According to the filed document in the court, prepackaged deal with lenders will allow swift restructuring with no expected impact on customers, services. District Court for the Southern District of Texas.
However, counter to most reorganization plans, all of the company’s vendors would be paid in full based on the bankruptcypetition submitted to the judge. Offshore is now the last thing to come back online. It is so much cheaper to start back on land. With new technologies such as fracking, and oil no where near the highs of a few years ago, it is hard to see how they begin to make money again.
Bankruptcy Court in Houston. The announcement comes as the COVID-pandemic has taken its toll on global oil deman combined with the Saudi-Russia oil price war which have sent oil prices plummeting since January. Sola, according to an investor letter seen by Bloomberg, as liquidity in distressed assets dries up.
Secured lenders hold approximately of the Covington, La based offshore service vessel operator’s aggregate secured debt and unsecured …. Southcross Energy Partners LP, Bloomberg has reported. Formerly Jerrick Media Holdings, Inc. Announces Pricing of $765Public Offering and Uplisting to Nasdaq.
Tanker Crew Credited with Saving Sailor’s Life 2Miles Off New Jersey. Sklar Exploration Co. LLC, Whiting Petroleum Corp. Oilfield services company Eco-Stim Inc. Debt at Deep Discount Icagen, Inc.
Low Rating Isagenix International, LLC 20. An historic weekend agreement by OPEC and most of the world’s major oil producers to curtail output hasn’t salvaged the oil market as intended because of concerns the reductions are too little too late. Announces Launch of Solicitation of Votes on Comprehensive Prepackaged Restructuring Transaction With the Support of the Requisite. Shale drillers aren’t the sole sub sector clobbered by the crash.
Wednesday that it’s negotiating a plan with creditors to ease a US$1. Both Seadrill and Pacific Drilling have already restructured once in the downturn. Industry chatter on bankruptcies, restructuring , and negative outlook has sharply increased over the past twelve months. Harvey Gulf is founded on the premise that superior performance and safer operations provide our customers value and satisfaction. We are a global team of skilled professionals who, combined with a fleet of state-of-the-art, purpose-built vessels, provide services to the Oil and Gas industry across the entire offshore life cycle.
Dielwart is a founder and former Chief Executive Officer, as well as a member of the board of directors, of ARC Resources Ltd.