Tidewater says substantial progress has been made on restructuring dealCompany News // April 7, 2017
Tidewater recenty agreed a further waiver regarding compliance with debt covenants and says it is close to completing a restructuring deal.
The company has been in restructuring discussions with its principal lenders and noteholders regarding the company's various debt arrangements.
Pending the resolution of those discussions, the company had previously received limited waivers from lenders and noteholders which waived compliance with certain debt covenants until 27 March 2017, at which time the company announced that the latest waiver extension had expired without a renewal being sought by the company
Now, Tidewater's management says it is of the view that substantial progress has been made in the negotiations during the past week, and after further discussion with its lenders and noteholders, all parties agreed to a further short-term covenant waiver while they focus on bringing the negotiations to conclusion.
The company therefore received limited waivers of the covenant defaults from its lenders and noteholders until 7 April 2017.