Advertisement

Tidewater Bankruptcy Objection Filed

Advertisement

Tidewater filed with the U.S. Bankruptcy Court an objection to the ad hoc equity committee’s emergency request for adjournment of the joint Disclosure Statement and Plan hearing.

The objection asserts, “Putting aside that the Motion was filed before the Equity Committee was even formed, the Debtors still believe such relief is unwarranted. As the Court acknowledged at the first-day hearing in these chapter 11 cases, the nature of the Debtors’ business requires a prompt proceeding through the chapter 11 process. Recognizing this, the Debtors spent several months negotiating a meaningful transaction with substantial creditor support in order to implement prepackaged chapter 11 cases. And, the creditors have spoken.”

In addition, “The Prepackaged Plan has the overwhelming support of approximately 83% in number of voting holders of Class 3 Claims (General Unsecured Claims) and approximately 80% in amount of Claims of voting holders in Class 3 – the only class entitled to vote on the Prepackaged Plan (each, as defined below). The Debtors are on track to confirm their Prepackaged Plan in a week. However, while they should be entirely focused on preparations for confirmation, they also are faced with the distractions attendant to an Equity Committee and, now, the Motion to continue the confirmation schedule, a schedule that the Debtors and some of their largest creditors worked so hard to establish.”

Read more Tidewater bankruptcy news.