In the wake of Harvey Gulf’s Chapter 11 filing in the U.S. Bankruptcy Court for the Southern District of Texas, JPMorgan Chase acted as administrative agent on a $1.2 billion prepetition secured credit facility to support Harvey’s restructuring plan.
Harvey Gulf’s plan of reorganization received support from lenders holding more than 75% of its loans, including most of the members of the steering committee. Under the plan, prepetition lenders will receive their pro rata share of a $350 million term loan and additional distributions of equity and warrants. Following emergence from chapter 11, the prepetition lenders will control the majority of the new equity in Harvey Gulf and will have appointed a majority of the new board of directors.
Davis Polk will be advising JPMorgan and working with the lender steering committee through the restructuring process.
Headquartered in New Orleans, Harvey Gulf provides offshore supply vessels and marine support services to support offshore oil and gas exploration and production.
