Private offshore shipowner Harvey Gulf International Marine has revealed this week that it has emerged from US Chapter 11 reorganisation “just 77 days” after filling its pre-packaged plan in March.
Harvey Gulf says it has kept to its commitment of paying all unsecured claims of its vendors, while cutting its debt burden by about $1bn.
The pre-packaged bankruptcy plan, which was filed with approval by 94% of creditors, saw lenders swap close to $1bn of secured debt for equity, which cut the owner’s $1.22bn
