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|Tidewater Commences Prepackaged Chapter 11 Cases Pursuant To Restructuring Support Agreement|
As previously disclosed, on
As previously announced, Tidewater plans to reject certain sale-leaseback agreements for leased vessels currently in the Company's fleet, and to limit the resulting rejection damages claims to approximately
The Prepackaged Plan is supported by Lenders holding approximately 60% of the outstanding principal amount of loans under the Credit Agreement and Noteholders holding 99% of the aggregate outstanding principal amount of the Senior Notes. Collectively, these supporting Lenders and Noteholders also constitute a majority in number of the holders of General Unsecured Claims.
No trustee has been appointed, and the Debtors will continue to operate the business as debtors-in-possession under the jurisdiction of the
To support and effect the restructuring, the Debtors have filed applications to retain, among others,
Subject to the approval of the
The information contained in this press release is for informational purposes only and does not constitute an offer to buy, nor a solicitation of an offer to sell, any securities of the Company, nor does it constitute a solicitation of consent from any persons with respect to the transactions contemplated hereby and thereby.
Additional information about the bankruptcy cases is available on the Company's website and at http://dm.epiq11.com/tidewater, or via the Company's restructuring information line 844-843-0204 (toll free) or 504-597-5543 (international calls).
Tidewater is the leading provider of Offshore Service Vessels (OSVs) to the global energy industry.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/tidewater-commences-prepackaged-chapter-11-cases-pursuant-to-restructuring-support-agreement-300459709.html
INVESTOR CONTACT: Tidewater Inc., Quinn P. Fanning, Executive Vice President and Chief Financial Officer, 713-470-5300, Joe Bennett, Executive Vice President and Chief Investor Relations Officer, 504-566-4506; MEDIA CONTACT: Jennifer E. Mercer, Epiq Strategic Communications for Tidewater, 310-712-6215
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