Harvey Gulf International Marine, Harvey, La., announced that it has completed its financial restructuring and has emerged from Chapter 11 bankruptcy proceedings.
The reorganiztion plan was approved by the bankruptcy court, 77 days after Harvey Gulf’s prepackaged filing. Under the reorganization, Harvey Gulf has shed approximately $1 billion in debt and emerges with a deleveraged balance sheet. Additionally, the company has kept its commitments to its trade vendors, paying all unsecured claims in full, according to the company.
The company also announced that it has reached an agreement with Shane Guidry, Harvey Gulf’s chairman and CEO, to extend his employment contract for an additional five years. The retention of his services and the rest of his team was a key tenet of the restructuring transactions, the company said.
“The Chapter 11 restructuring process is extremely complicated, and the fact that Harvey Gulf emerged so quickly, while shedding a billion dollars of debt and adding over 40 new customers, reflects the dedication, hard work, and tenacity of the entire Harvey Gulf team,” Guidry said in a statement. “Importantly, Harvey Gulf’s performance will continue well into the future, and the competition simply isn’t in a position to capitalize on the industry’s shift to cleaner energy. Nor are they capable, either financially or from the organizational leadership standpoint, of re-designing their fleets to compete and perform in this new age.
Guidry thanked The Jordan Company, which has been Harvey Gulf’s equity sponsor for the last 10 years and has been supportive of the company, Guidry said. “We are glad that TJC will maintain a significant stake in the company going forward.”
