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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.

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