GulfMark Offshore’s failed attempt to buy back bonds has prompted two funds to pull out of a deal to purchase shares.
The agreement from last year would have seen MFP Partners and Franklin Mutual Advisers take 50,000 shares for $50m.
But it was dependent on GulfMark winning acceptances worth $250m from bondholders in its $300m buyback of notes due 2022.
GulfMark pulled this deal at the end of 2016, prompting the funds to exercise their rights to cancel the share agreement.
The
