Tidewater says emerges from Chapter 11 bankruptcy
Tidewater said that effective today, the company 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, that was confirmed on July 17, 2017 by the United States Bankruptcy Court for the District of Delaware. Through its Plan, Tidewater eliminated approximately $1.6B in principal of outstanding debt, and considering the rejection of certain sale-leaseback agreements, Tidewater estimates that interest and operating lease expenses will be reduced by approximately $73M annually. The Company believes that its substantially deleveraged balance sheet positions it for long-term success for the benefit of all of its stakeholders. The company was principally advised by Lazard, Weil Gotschal & Manges LLP and Jones Walker LLP. Pursuant to the Plan, following today, the Company will explore listing the New Creditor Warrants on an exchange, subject to approval by its board of directors and applicable listing requirements.