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|Tidewater Successfully Completes Financial Restructuring And Emerges From Chapter 11 Bankruptcy|
Through its Plan, Tidewater eliminated approximately
"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," said
The Company's new common stock (CUSIP number 88642R 109) (the "New Common Stock") has been approved for listing on the
Pursuant to the Plan, following today, the Company will explore listing the New Creditor Warrants on an exchange, subject to approval by its board of directors and applicable listing requirements.
Preliminary information regarding the allocation of cash, senior secured notes, New Common Stock, and New Creditor Warrants among the banks, noteholders and sale/leaseback parties, and the allocation of New Common Stock, Series A Warrants, and Series B Warrants among its prior common stockholders was disclosed in the Company's press release dated
Board of Directors
Tidewater is the leading provider of Offshore Service Vessels (OSVs) to the global energy industry.
INVESTOR CONTACT: Tidewater Inc., Quinn P. Fanning, Executive Vice President and Chief Financial Officer, 713-470-5300, or 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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