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TDW

Tidewater

$0.95

-0.01 (-1.04%)

11:12
07/31/17
07/31
11:12
07/31/17
11:12

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.

TDW Tidewater
$0.95

-0.01 (-1.04%)

08/10/16
JRCO
08/10/16
DOWNGRADE
JRCO
Hold
Tidewater downgraded to Hold from Accumulate at Johnson Rice
Johnson Rice downgraded Tidwater to Hold to reflect challenges in securing a waiver, the decline in operating results, and the potential for equity dilution.
08/10/16
FBCO
08/10/16
NO CHANGE
Target $1
FBCO
Neutral
Tidewater price target lowered to $1 from $3 at Credit Suisse
08/10/16
FBCO
08/10/16
NO CHANGE
Target $1
FBCO
Neutral
Tidewater target cut to $1 at Credit Suisse with bankruptcy on the table
As previously reported, Credit Suisse analyst Gregory Lewis lowered his price target on Tidewater to $1 from $3 citing the uncertainty around the company's ability to continue as a going concern if the negotiations on its three debt instruments break down. While bankruptcy is on the table, management said discussions have been constructive and Lewis expects banks to continue to grant waivers in the near term "as opposed to becoming boat owners," he tells investors. The analyst keeps a Neutral rating on Tidewater shares, which are down nearly 25% to $3.50 in afternoon trading.
10/25/16
ARGS
10/25/16
DOWNGRADE
ARGS
Sell
Tidewater downgraded to Sell from Hold at Argus
Argus analyst David Coleman downgraded Tidewater to Sell based on the company's weak financial condition and significant challenges in the offshore drilling market. The analyst believes Tidewater may have difficulty paying off debt scheduled to mature in fiscal 2017.

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GE

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