Tidewater receives approval of first day motions
Tidewater announced that the United States Bankruptcy Court for the District of Delaware has granted the relief requested by the company in certain first day motions related to ordinary course business activities. Among other things, the approved motions authorize the company to pay prepetition employee wages and benefits without interruption, maintain its insurance programs, utilize its current cash management system, and pay undisputed prepetition obligations owed to its vendors and trade creditors in the ordinary course of business. Jeffrey M. Platt, President and Chief Executive Officer of Tidewater, said, "With the entry of these 'first day orders', the Company will continue normal operations as we work to implement a comprehensive financial restructuring. I would like to thank all of our stakeholders, including our lenders, noteholders, stockholders, employees, customers, vendors, and trade creditors for working constructively with us during this challenging time."