GulfMark Offshore said it has decided against making a $13.7m interest payment on its bonds, sending its shares into a tailspin.
Also, the company has agreed to hire financial advisor FTI Consulting and law firm Sullivan & Cromwell, both of which advise on restructuring.
Shares in the Houston-based offshore vessel owner plummeted 41.3% to $0.40 in afternoon trading on the New York Stock Exchange, after touching a new record low
Bond prices dip
Prices for GulfMark's bonds were more stable, trading today at 52 cents on the dollar, a decline from 55.7
