Tidewater’s ad hoc committee of equity security holders filed with the U.S. Bankruptcy Court a motion for adjournment of the joint Disclosure Statement and Plan hearing.
The motion explains, “The exigencies of the circumstances warranting expedited consideration of the Request for Adjournment are self-evident. As detailed in the Request for Adjournment, the United States Trustee has conclude that an Official Equity Committee is needed in these cases to look out for the interests of the Debtors’ common shareholders and the Non-Consenting Lenders have made clear their intent to challenge the treatment provided for shareholders in the Plan. At best, and absent an adjournment, the Official Equity Committee will be formed and functioning with only six days to prepare for the Plan Hearing.”
In addition, “The only way the Official Equity Committee can effectively perform its statutory duties and be prepared to meaningfully participate in the Plan process is if the Plan Hearing is adjourned. Absent expedited consideration of the Request for Adjournment, the Official Equity Committee will essentially be denied an opportunity to effectively champion shareholder interests….As detailed in the Request for Adjournment, there is no harm to the Debtors or any other party by the Court granting a reasonable adjournment of the Plan Hearing. The Debtors have over $700 million in cash. There is no DIP financing or use of cash collateral. This is not a 363 sale case. There is no risk that adjournment will cause the Debtors financial difficulty or risk the Debtors’ ongoing operations.”
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