New Delaware Chapter 11 Filing – Tidewater Inc.

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Tidewater Inc., along with 25 of its subsidiaries and affiliates, has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Case No. 17-11132).  Tidewater, , a New Orleans-based company providing offshore and marine support services, previously announced on May 12, 2017, that it had entered into a restructuring support agreement with approximately 60% of its Senior Creditors and 99% of its Senior Noteholders.  According to the First Day Declaration, the Debtors enter Chapter 11 with a prepacked plan of reorganization pursuant to which its senior debt and notes will be retired in exchange for (1) 95% of the new equity of the Reorganized Debtors, (2) $225 million in cash and (3) $350 million in new secured notes.  Existing equity holders will receive 5% of the new equity of the Reorganized Debtors and warrants.  The Debtors propose to pay their trade and other general unsecured creditors in full in the ordinary course of business.  The Plan can be found here and the disclosure statement can be found here.  Epiq Bankruptcy Solutions is the proposed claims and noticing agent.  The cases have been assigned to the Honorable Brendan Linehan Shannon.

Contact Norman L. Pernick and Nicholas J. Brannick for more information.

As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.

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