Tidewater confirms reorganisation planCompany News // July 17, 2017
Tidewater has announced that the United States Bankruptcy Court for the District of Delaware has confirmed the Second Amended Joint Prepackaged Chapter 11 Plan of Reorganization of Tidewater and its affiliated debtors, originally dated May 17, 2017 and amended on July 12, 2017 and July 13, 2017.
The company expects that Judge Brendan L Shannon will enter a written confirmation order within the next few days.
"We are very pleased that the court has confirmed our plan within a relatively short time frame," said Jeffrey M Platt, Tidewater's President and Chief Executive Officer. "The substantial deleveraging of our balance sheet through the recapitalization contemplated by the plan, as well as our strong liquidity position, should reassure our customer and vendor base of our ongoing ability to perform our contracts and meet our obligations while we weather the continuing headwinds in the offshore energy industry.
"This restructuring will position us to consider possible targeted acquisition opportunities in an industry where consolidation is to be expected. We are working hard to complete the remaining steps necessary to emerge from bankruptcy by the end of this month.
"Tidewater is thankful for the continued support of our many stakeholders, including our lenders, noteholders, stockholders, employees, customers, vendors and trade creditors. Their support has been integral to the successful outcome of the chapter 11 process, and we look forward to emerging in the coming weeks as a strong, well-capitalized company, poised to continue providing our customers with the same safe, compliant and efficient services which have been the hallmark of our company throughout our history."