Latest news from Heavy Lift & Project Forwarding International Magazine

Tidewater gets court approval

July 17 - The United States Bankruptcy Court for the District of Delaware has confirmed the Second Amended Joint Prepackaged Chapter 11 Plan of Reorganization for Tidewater, the US provider of larger offshore service vessels to the global energy industry,

 "We are very pleased that the court has confirmed our plan within a relatively short time frame," said Jeffrey M. Platt, Tidewater's president and chief executive officer.

"The substantial deleveraging of our balance sheet through the recapitalisation contemplated by the plan, as well as our strong liquidity position, should reassure our customer and vendor base of our ongoing ability to perform our contracts and meet our obligations while we weather the continuing headwinds in the offshore energy industry.

"Additionally, this restructuring will position us to consider possible targeted acquisition opportunities in an industry where consolidation is to be expected. We are working hard to complete the remaining steps necessary to emerge from bankruptcy by the end of this month."

 

www.tdw.com

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