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    Tidewater finalises support agreement - to file under Chapter 11

    Company News // May 15, 2017

    US-based offshore vessel owner Tidewater is to file a petition for voluntary relief under Chapter 11 of the US Bankruptcy Code.

    In a filing to the Securities & Exchange Commission (SEC) dated 11 May 2017, the company said it would file in the Bankruptcy Court in the District of  Delaware on or before 17 May 2017, seeking confirmation of a joint pre-packaged Chapter 11 plan of reorganization.

    Tidewater said it was entering into a restructuring support agreement with certain of its creditors, including lenders holding 60 per cent of the outstanding principal amount of the loans under Tidewater’s fourth amended and restated revolving credit agreement, and holders of 99 per cent of the aggregate outstanding principal amount of Tidewater’s senior notes.

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