New Orleans-based Tidewater expects to emerge from bankruptcy after a Delaware federal judge OK’d the company’s second amended joint prepackaged Chapter 11 reorganization plan.
Under the plan, the offshore vessel provider can rework some $2 billion in debt. Lenders, holder of notes and lessor parties will receive a pro rata share of $225 million in cash and stock.
“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,” says Tidewater President and CEO Jeffrey Platt in a statement.
Platt says the plan approval should reassure customers and vendors that Tidewater can meet its obligations, adding the restructuring will allow the company consider acquisition opportunities in the offshore energy industry.
“We are working hard to complete the remaining steps necessary to emerge from bankruptcy by the end of this month,” Platt adds.
Tidewater says it expects Judge Brendan Shannon to enter a written confirmation order within the next few business days. Tidewater has more details on its reorganization plan.
