Gulfmark Offshore's Stock Plummets After Debt Payment Wasn't Made When Due

Shares of Gulfmark Offshore Inc. plummeted 39% toward a record low, after the provider of marine transportation services to the energy industry disclosed that it decided not make a debt payment on time. In a filing with the Securities and Exchange Commission, Gulfmark said it didn't make the $13.7 million interest payment due Wednesday on the 6.375% senior notes due 2022, and triggered the 30-day grace period provided in the indenture. If the company fails to make the payment within the grace period, it would constitute "an event of default," Gulfmark stated in the SEC filing. The stock has plunged 76% year to date, while the SPDR Energy Select Sector ETF has shed 6.6% and the S&P 500 has gained 6.3%.

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