Seatrade Maritime is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

9caee9df6083c0e4e4ed5df502b42b86

Tidewater enters Chapter 11 bankruptcy

OSV owner and operator Tidewater Inc. and its 26 subsidiaries have voluntarily filed for Chapter 11 bankruptcy in the US district court of Delaware on Wednesday.

The New York-listed OSV company announced last week that it would file for bankruptcy protection by 17 May after it signed a Restructuring Support Agreement (RSA) with certain of its lenders.

The bankrupt status of Tidewater will now allow the group to implement a prepackaged plan in line with the RSA, allowing the company to continue operating albeit at lower levels of activity while having sufficient liquidity and operational flexibility to strengthen its balance sheet.

Tidewater said earlier that the prepackaged plan is expected to eliminate approximately $1.6bn in principal of outstanding debt, as well as new 8% fixed rate secured notes due in 2022 in the amount of $350m.

Hide comments
account-default-image

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish
Maritime_Market_User_Promo_4
Looking For Suppliers?

Maritime Market is the online marketplace for the global maritime industry, making it easy to connect with suppliers 365 days a year. Powered by an extensive database of maritime professionals and businesses.

Maritime_Market_User_Promo_4