Davis Polk Advises Administrative Agent and Steering Committee in Connection with Harvey Gulf’s Emergence from Chapter 11 and Exit Credit Facility

Davis Polk advised the administrative agent and worked with a steering committee of lenders under a $1.2 billion prepetition secured credit facility in the chapter 11 restructuring of HGIM Holdings, LLC and certain of its affiliates, which do business as Harvey Gulf. Davis Polk is also advising the administrative agent with respect to the 5-year, $350 million term loan that prepetition lenders received upon Harvey Gulf’s exit from chapter 11.

In connection with Harvey Gulf’s emergence from bankruptcy on July 2, 2018, the prepetition lenders received an overwhelming majority of equity interests in reorganized Harvey Gulf, a 5-year $350 million take-back term loan, and control of the reorganized Harvey Gulf’s board of directors. Davis Polk played a pivotal role in structuring, negotiating and defending Harvey Gulf’s plan of reorganization and in preparing the administrative agent and the lenders for an expeditious emergence from bankruptcy.

Harvey Gulf is a provider of offshore supply vessels and marine support services to support offshore oil and gas exploration and production and is headquartered in New Orleans, Louisiana. Harvey Gulf provides offshore production and drilling vessel support services, including the transportation of supplies, equipment and personnel to support drilling and production activities, offshore construction, remotely operated underwater vehicles and subsea support services and a variety of other specialized vessel services.

The Davis Polk restructuring team includes partner Damian S. Schaible and associates Angela M. Libby and Benjamin M. Schak. The finance team includes partner Jinsoo H. Kim and associate Kwesi Larbi-Siaw. The mergers and acquisitions team includes partners William L. Taylor and Stephen Salmon and counsel Ajay B. Lele. The executive compensation team includes counsel Ron M. Aizen. The tax team includes partner William A. Curran. Members of the Davis Polk team are based in the New York and Northern California offices.