This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:GulfMark Offshore, Inc. Announces Reorganization 2009-10-21 18:10 ET - News Release HOUSTON, Oct. 21, 2009 (GLOBE NEWSWIRE) -- GulfMark Offshore, Inc. (NYSE:GLF) announced today that a registration statement on Form S-4 has been filed with the U.S. Securities and Exchange Commission for the Company's proposed reorganization (the "Reorganization"), which is intended to help preserve the Company's status as a U.S. citizen under certain U.S. maritime and vessel documentation laws (popularly referred to as the Jones Act) by, among other things, limiting the percentage of outstanding shares of Company common stock that may be owned (of record or beneficially) or controlled in the aggregate by non-U.S. citizens (as defined by the Jones Act) to a maximum permitted percentage of 22% (the "Maritime Restrictions").
The Company has entered into an agreement and plan of reorganization (the "Reorganization Agreement") with New GulfMark Offshore, Inc. ("New GulfMark"), a wholly owned subsidiary of the Company, pursuant to which the Company will merge into and with New GulfMark, with New GulfMark as the surviving company. At the effective time of the Reorganization and pursuant to the Reorganization Agreement, each outstanding and treasury share of Company common stock will be automatically converted into one share of New GulfMark Class A common stock, which will be subject to the Maritime Restrictions.
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