New Orleans-based OSV operator Tidewater announced on Tuesday that it has not sought a renewal of waivers from its lenders and noteholders after the latest extension expired on Monday.
The unusual move is seen as a way of putting pressure on creditors to resolve their negotiations, which have been going on for 12 months.
Tidewater is seeking to amend its debt arrangements through the talks but wants to speed up the process as it says only “a small number of issues” remain outstanding.
This move puts the onus on creditors to resolve those remaining issues quickly or declare the company in default of its debt agreements.
The deadline for Tidewater’s semi-annual interest payment on its notes is May 15.