NEW ORLEANS, Sept. 16, 2016 /PRNewswire/ -- As previously
reported, Tidewater Inc. (NYSE: TDW) has been in discussions with
its principal lenders and noteholders to amend the company's
various debt arrangements with regard to certain covenant
noncompliance, having previously received limited waivers from the
necessary lenders and noteholders which waived the covenant
noncompliance until September 18,
2016. The company has now received extensions of those
limited waivers of covenant noncompliance until October 21, 2016.
Consistent with disclosures included in the company's recently
filed Form 10-Q, the company believes that the ongoing discussions
with its lenders and noteholders have been constructive and
progress is being made towards resolving the principal open issues.
However, work remains to be done, and no assurance is given that
the various parties will reach agreement on amendments to the
various loan agreements and notes.
Tidewater is the leading provider of Offshore Service Vessels
(OSVs) to the global energy industry.
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SOURCE Tidewater Inc.