US offshore support vessel operator Tidewater has announced that the United States Bankruptcy Court for the District of Delaware has confirmed the Chapter 11 Plan of Reorganization of the company and its affiliated debtors. A judge will enter a written confirmation order within the next few business days.
Tidewater filed for Chapter 11 bankruptcy protection in May 17 as part of a restructuring support agreement with some of its creditors. The company expects the plan to eliminate around $1.6bn of its outstanding debt.
“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 recapitalization 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,” Platt added.