JULY 31, 2017 — Offshore services giant Tidewater Inc. (NYSE: TDW) reports that effective today, the company and its affiliated chapter 11 debtors have emerged from bankruptcy after successfully completing its reorganization under a plan confirmed on July 17, 2017 by the U.S Bankruptcy Court for the District of Delaware.
Tidewater says that, through the plan, it eliminated approximately $1.6 billion in principal of outstanding debt and that, considering the rejection of certain sale-leaseback agreements, it estimates that interest and operating lease expenses will be reduced by approximately $73 million annually.
“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 M. Platt, Tidewater’s President and Chief Executive Officer. “We now have the financial flexibility to continue to provide our customers with the safe, compliant, and efficient services that are the hallmark of our company. 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.”