Harvey Gulf files for Chapter 11 bankruptcy

Shane Guidry Shane Guidry

MARCH 8, 2018 — Shane J. Guidry's Harvey Gulf International Marine and 90 affiliated entities yesterday each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S, Bankruptcy Court for the Southern District of Texas.

The petitioners requested joint administration of the cases under Case No. 18-31080, which was filed by HGIM Holdings, LLC.

Many of the 90 affiliated petitioners appear to be the single vessel companies that are the registered owners of the vessels in the Harvey Gulf fleet, including its LNG-fueled offshore service vessels.

According to documents filed in the case, estimated liabilities are between $1 billion and $10 billion and the debtors have secured support for a prepackaged Chapter 11 plan of reorganization from holders of senior lenders claims "representing over 94% in number and more than 75.5% in dollar amount of those creditors in the Voting Class casting votes on the Plan, excluding the votes of insiders."

The filing says that "if consummated, the Plan will substantially deleverage the Debtors’ capital structure, best positioning the Debtors to maintain their already strong position in the industry and propelling them to continued long-term success. Importantly, the Plan does not impair other secured or general unsecured creditors, including trade creditors."

You can access the filings in the case HERE

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