Court OKs Harvey Gulf plan

The U.S. Bankruptcy Court approved in late May a final reorganization plan submitted by Harvey Gulf International Marine of New Orleans. The approval comes more than a month after the company’s pre-packaged filing for Chapter 11 bankruptcy proceedings. The firm filed for bankruptcy protection March 6. The filing included plans to convert nearly $1B of secured debt into equity. Those moves were designed to “right size” Harvey Gulf’s balance sheet and save the company some $47M per year in debt service costs. The company also announced it has entered into three long-term vessel charters with Hess of Houston, Texas, for two of its 310-foot LNG Platform Supply Vessels and one of its 300-foot PSVs. (Source: Work Boat 06/07/18)