Tidewater emerges from bankruptcyCompany News // August 1, 2017
Tidewater Inc in the US and its affiliated chapter 11 debtors have emerged from bankruptcy after successfully completing its reorganization pursuant to the Second Amended Joint Prepackaged Chapter 11 Plan of Reorganization of Tidewater and its Affiliated Debtors.
The plan was confirmed on 17 July 2017 by the US Bankruptcy Court for the District of Delaware.
Tidewater has eliminated approximately US$1.6 billion in principal of outstanding debt, and considering the rejection of certain sale-leaseback agreements, it estimates that interest and operating lease expenses will be reduced by approximately US$73 million annually.
The company believes that its substantially deleveraged balance sheet positions it for long-term success for the benefit of all of its stakeholders.
"Today marks the completion of a restructuring and recapitalization that allows the company to move forward with a solid financial foundation from which we expect to continue to strengthen our business and grow," said Jeffrey Platt, Tidewater's President and Chief Executive Officer.