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Tidewater Bankruptcy Reorganization Plan Effective, Summarized

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Tidewater’s Second Amended Joint Prepackaged Chapter 11 Plan of Reorganization became effective, and the Company emerged from Chapter 11 protection. The U.S. Bankruptcy Court confirmed the Plan on July 17, 2017. Through its Plan, Tidewater eliminated approximately $1.6 billion 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 $73 million annually.

According to a corporate release, “The Company believes that its substantially deleveraged balance sheet positions it for long-term success for the benefit of all of its stakeholders.”

Tidewater’s president and C.E.O., Jeffrey M. Platt, comments, “Today marks the completion of a restructuring and recapitalization that allows the Company to move forward with a solid financial foundation from which we expect to continue to strengthen our business and grow.”

The Company’s new common stock (CUSIP number 88642R 109) has been approved for listing on the NYSE under the same NYSE ticker symbol “TDW” as the shares of the Company’s existing common stock. Trading in the new common stock is expected to commence on August 1, 2017. The Company’s Series A Warrants and Series B Warrants (CUSIP numbers 88642R 117 and 88642R 125, respectively) have also been approved for listing on the NYSE, and Tidewater intends to seek the listing of the warrants after shares of the new common stock have traded for a reasonable period of time to allow for trading prices and volume to stabilize.

Pursuant to the Plan, the Company’s new board of directors, consisting of the following persons, consists of the following individuals: Thomas R. Bates, Jr.; Alan J. Carr; Randee E. Day; Dick Fagerstal; Steven L. Newman and Larry T. Rigdon, with Platt continuing as a director. This energy-related transportation services provider filed for Chapter 11 protection on May 17, 2017, listing $5 billion in pre-petition assets.

Visit BankruptcyData for a detailed Tidewater Plan Summary.