JULY 17, 2017 — Offshore services giant Tidewater Inc. (NYSE: TDW), which filed for Chapter 11 bankruptcy protection back in May, reports that the U.S Bankruptcy Court for the District of Delaware has confirmed the a joint prepackaged Chapter 11 plan of reorganization of Tidewater and its debtors, originally dated May 17, 2017 and amended on July 12, 2017 and July 13, 2017 (the “Plan”).
Tidewater says that it expects that Judge Brendan L. Shannon will enter a written confirmation order within the next few business 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. Additionally, 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.”
You can see the details of the plan HERE