Gulf Fleet Holdings

[cybernetglobal]

Gulf Fleet has filed for bankruptcy protection. Does anyone have any insight into their existing clients, the 'stickiness' of their contracts, the likleihood of existing customers staying with them through the bankruptcy, etc.?

[Chris Dugas]

cybernetglobal,

While I am not a spokesman for Gulf Fleet I can make sure that you have received the correct message. Gulf Fleet is beginning the process of reorganization of the company and we have filed for protection under Chapter 11 which allows for ongoing operations. We are approaching this as "business as usual" while we undertake the steps to access new capital and develop a strong plan to reorganize for our long term success.

This process is expected to take several months until we are out of protection. This is not to be confused with Chapter 13 which is liquidation of a company and doors are shut.

[seadawg]

would hope that this company might prosper from their "under new management" sign..there is definitely some talent aboard..BUT given the company's past history, the current economy and now chapter 11..this is one company whose star you might not want hitch yourself to..then again this company might be a candidate for aquisition..wish them luck though..CAVEAT EMPTOR!!

[CaptChris878]

Chris,

Has Gulf explored options with companies such as KPMG? They are based out of the Dallas/Ft Worth area. They are a business management/investor company. As far as re-org, I'm thinking in my opinion this should be the route some of the other companies should take. Revenue generation in this economy needs to be simplified and more direct for future growth.

[stevefoster]

cybernetglobal,

While I am not a spokesman for Gulf Fleet I can make sure that you have received the correct message. Gulf Fleet is beginning the process of reorganization of the company and we have filed for protection under Chapter 11 which allows for ongoing operations. We are approaching this as "business as usual" while we undertake the steps to access new capital and develop a strong plan to reorganize for our long term success.

This process is expected to take several months until we are out of protection. This is not to be confused with Chapter 13 which is liquidation of a company and doors are shut.

If anybody can pull off the restructuring it'll be Richard Currence Jr. I watched him during the start up of Rigdon Marine and I believe Larry Rigdon would have have a real hard time of it if it were not for the hard work of Richard and Mike Babbin.......

[Rocket187um]

Is there any update on this?

[Firecreek]

The pumps failed, the ship sank, and all hands were lost. Odyssey got most of the vessels.

[FinfordHenn]

They are based out of the Dallas/Ft Worth area

[Firecreek]

Negative, Gulf Fleet was based in Lafayette, Louisiana. Company is gone, closed, se acabo, finito.

[Redman]

They closed the Doors and Odyssea bought all the boats, kept 4 of them and sold the other 6 or 7. Gulf Fleet already sold a few of the boats while in restructure, then Odyssea came and got the rest.

[CaptB]

GOL bought a New build supply boat from Thomasea that they lost due to bankruptcy. The Gulf Tiger.