Harvey Gulf emerges from Chapter 11

Harvey (La.) Gulf International Marine has announced that it has completed financial restructuring and emerged from Chapter 11 bankruptcy proceedings. This marks the completion of the plan of reorganization approved by the New Orleans-based bankruptcy court some 77 days following Harvey’s prepackaged filing. Under the reorganization, Harvey Gulf has shed about $1B in debt, and emerges with a dramatically de-leveraged balance sheet. HGIM has kept its commitments to its trade vendors, paying all unsecured claims in full, according to the company. Harvey Gulf will combine its new financial strength and operational planning with its safety and environmental record, which is demonstrated by the company’s anticipated fifth consecutive year without a recordable incident on Aug. 13. The company has a 99.2 percent uptime record for vessels on long term contract over the past 10 years, and has indicated it intends to expand globally through mergers or acquisitions. (Source: Work Boat 07/02/18)