NEW YORK, Dec. 22, 2016 /PRNewswire/ -- On December 15, 2016, GulfMark Offshore, Inc. (the "Company") amended the tender offer it had launched on November 23, 2016 (the "Revised Tender Offer"). The ad hoc committee of holders of the Company's 6.375% senior notes due 2022 ("Noteholder Committee") opposes the Revised Tender Offer.
The members of the Noteholder Committee, which hold a blocking position with respect to the Revised Tender Offer, will not be tendering into the Revised Tender Offer and strongly encourage other holders not to tender.
The Noteholder Committee has submitted a proposal to the Company that would maximize the value for all the Company's creditors and stakeholders. The proposal would meaningfully deleverage the Company while giving creditors an option to either retain a significant majority of the equity or accept cash for a portion of their claim. If creditors are not being paid in full in accordance with their contractual rights, they and other stakeholders are entitled to retain the upside of the business and should not be forced to cash out at a significant discount at the risk of being relegated to an inferior position in the capital structure as a result of the Revised Tender Offer.
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SOURCE Ad Hoc Committee of GulfMark