New Orleans-based offshore support vessel (OSV) provider Tidewater on Monday emerged from Chapter 11 bankruptcy protection after successfully completing a restructuring process agreed with US Bankruptcy Court.
In so doing the company, the world’s leading OSV provider, eliminates $1.6bn in principal of its outstanding debt.
It estimates that its interest payments and operating lease expenses will be reduced by $73m annually thanks to the agreement.
Tidewater had filed for Chapter 11 in May after 14 months of difficulties during which it sought repeated extensions of waivers from creditors while it tried to amend its debt arrangements.
The company has more than 300 vessels and suffered a plunge in revenues because of the oil price slump.