La. maritime firms form joint venture

Last week, Houma, La.-based Seacor Marine Holdings announced a plan to reorganize the Montco Offshore Inc. of Galliano, La., that includes a new joint venture approved by the U.S. Bankruptcy Court for the Southern District of Texas. Seacor and Montco will form a joint-venture company by contributing certain lift-boat vessels and related assets. It also requires the joint venture to assume certain operating liabilities and debt associated with those assets. The joint venture will consolidate ownership and operation of 11 lift-boats currently operated by a wholly-owned subsidiary of Seacor Marine, six lift-boats currently operated by Montco, and two lift-boats currently operated by an existing joint venture between affiliates of the two companies. Seacor made a stalking horse bid (an initial bid on a bankrupt company's assets from an interested buyer chosen by the bankrupt company) last June. Montco filed for Chapter 11 protection in March 2017. The JV will take on about $131M of debt from Montco’s pre-petition credit facilities. It is expected Seacor will hold at least 70 percent of all equity interests, and will appoint a majority of board managers. The closing of the transactions remains subject to the satisfaction of certain conditions set in Montco’s reorganization plan, and JV contribution agreement. The transactions will expected to close in February. (Source: Work Boat 01/25/18)