NEW ORLEANS, Oct. 21, 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 to obtain relief from certain covenants.
Pending the resolution of those discussions, the company received
limited waivers from the necessary lenders and noteholders which
waived compliance with these covenants until October 21, 2016. The company has now received
extensions of these waivers until November
11, 2016.
The company has previously reported that progress was being made
in its negotiations with its principal lenders and noteholders to
obtain the covenant relief sought; however, recent industry data,
including data regarding projected levels of offshore drilling
activity, a primary driver of activity within the offshore service
vessel (OSV) industry, has led the company to conclude that
important debt terms will require further negotiation. While the
company will continue to work toward amendments to its various debt
arrangements that will be acceptable to all parties, there is a
possibility that the lenders, noteholders and the company will not
be able to negotiate new debt terms that are acceptable to all
parties, in which case the company will have to consider other
options, including a possible reorganization under Chapter 11 of
the federal bankruptcy laws.
Tidewater is the leading provider of OSVs to the global energy
industry.
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SOURCE Tidewater Inc.