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GulfMark Offshore, Inc. filed for Chapter 11 bankruptcy protection on May 17 in order to restructure its balance sheet amid the plunging oil prices.
The filing does not include any of GulfMark's subsidiaries, according to a May 17 press release . Houston-based GulfMark Offshore Inc. (GLFM) plans to voluntarily file for Chapter 11 bankruptcy protection this month now that it’s reached a restructuring support agreement. The bankruptcy filing is expected on or before May 21, and the company plans to continue operations throughout the process.
The New York Stock Exchange recently warned Houston-based GulfMark Offshore Inc., which provides marine transportation services to the energy industry, is at risk of being delisted due to the low price of its shares. The company plans to tell the NYSE, within 10 business days from the March 27 notice, how it plans to boost its stock. The NYSE will start suspension and delisting procedures if the company's average global market capitalization is less than $15 million over a consecutive 30 trading-day period.