NEW ORLEANS, May 19, 2017 /PRNewswire/ -- Tidewater Inc.
(NYSE: TDW) ("Tidewater" or the "Company") today announced that the
United States Bankruptcy Court for the District of Delaware has granted the relief requested by
the Company in certain first day motions related to ordinary course
business activities. Among other things, the approved motions
authorize the Company to pay prepetition employee wages and
benefits without interruption, maintain its insurance programs,
utilize its current cash management system, and pay undisputed
prepetition obligations owed to its vendors and trade creditors in
the ordinary course of business.
Jeffrey M. Platt, President and
Chief Executive Officer of Tidewater, said, "With the entry of
these 'first day orders', the Company will continue normal
operations as we work to implement a comprehensive financial
restructuring. I would like to thank all of our stakeholders,
including our lenders, noteholders, stockholders, employees,
customers, vendors, and trade creditors for working constructively
with us during this challenging time."
Forward-Looking Statements
In accordance with the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995, the Company notes that
certain statements set forth in this press release provide other
than historical information and are forward looking. The actual
achievement of any forecasted results, or the unfolding of future
economic or business developments in a way anticipated or projected
by the Company, involve numerous risks and uncertainties that may
cause the Company's actual performance to be materially different
from that stated or implied in the forward-looking statement. Among
those risks and uncertainties, many of which are beyond the control
of the Company, including, without limitation, the ability to
confirm and consummate a plan of reorganization in accordance with
the terms of a previously-disclosed prepackaged plan of
restructuring (the "Prepackaged Plan"); risks attendant to the
bankruptcy process, including the effects thereof on the Company's
business and on the interests of various constituents, the length
of time that the Company might be required to operate in bankruptcy
and the continued availability of working capital during the
pendency of such cases; risks associated with third party motions
in the bankruptcy cases, which may interfere with the ability to
confirm and consummate a plan of reorganization in accordance with
the terms of the Prepackaged Plan; potential adverse effects on the
Company's liquidity or results of operations; increased costs to
execute the reorganization in accordance with the terms of the
Prepackaged Plan; effects on the market price of the Company's
common stock and on the Company's ability to access the capital
markets; volatility in worldwide energy demand and oil and gas
prices, and continuing depressed levels of oil and gas prices,
without a clear indication of if, or when, prices will recover to a
level to support renewed offshore exploration activities;
consolidation of our customer base; fleet additions by competitors
and industry overcapacity; our views with respect to the need for
and timing of the replenishment of our asset base, including
through acquisitions or vessel construction; changes in capital
spending by customers in the energy industry for offshore
exploration, field development and production; loss of a major
customer; changing customer demands for vessel specifications,
which may make some of our older vessels technologically obsolete
for certain customer projects or in certain markets; delays and
other problems associated with vessel construction and maintenance;
uncertainty of global financial market conditions and difficulty in
accessing credit or capital; potential difficulty in meeting
financial covenants in material debt or other obligations of the
Company or in obtaining covenant relief from lenders or other
contract parties; acts of terrorism and piracy; integration of
acquired businesses and entry into new lines of business;
disagreements with our joint venture partners; significant weather
conditions; unsettled political conditions, war, civil unrest and
governmental actions, such as expropriation or enforcement of
customs or other laws that are not well developed or consistently
enforced, or requirements that services provided locally be paid in
local currency, in each case especially in higher political risk
countries where we operate; foreign currency fluctuations; labor
changes proposed by international conventions; increased regulatory
burdens and oversight; changes in laws governing the taxation of
foreign source income; retention of skilled workers; enforcement of
laws related to the environment, labor and foreign corrupt
practices; and the resolution of pending legal proceedings. Readers
should consider all of these risk factors as well as other
information contained in this press release.
Additional details about the restructuring are 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.
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SOURCE Tidewater Inc.