Lenders give Tidewater more time

NOVEMBER 11, 2016 — Offshore service vessel giant Tidewater Inc. (NYSE: TDW) has gotten another reprieve from its lenders — until January 27, 2017.

It has been in ongoing discussions with its principal lenders and noteholders to amend the its various debt arrangements to obtain relief from certain covenants and has on several occasions warned that should those discussions fail it might have to file for Chapter 11 bankruptcy.

On October 24, lenders and noteholders which waived compliance with these covenants until today, November 11, 2016.

Today the company reported it had received extensions of these waivers until January 27, 2017. Its share price rose on the news and was 8% up to $1.89 as of 3.15 EST