Banks owed nearly $1.3 billion are taking over Harvey Gulf International Marine in bankruptcy, but Chief Executive Shane Guidry is keeping his job and a five-year pay package worth, at a minimum, more than $40 million, the Wall Street Journal reported. Harvey Gulf, which operates under the HGIM Holdings corporate umbrella, filed for chapter 11 bankruptcy protection in March, its fleet of 60 of offshore drilling supply and service vessels worth less than what the company owed its lenders, according to court papers. Harvey Gulf is asking a bankruptcy judge in Houston to approve a turnaround plan that swaps out the senior debt for equity and new debt, and offers an assortment of pay enhancements to Guidry.
