July 13, 2017 / 8:04 PM / 11 days ago

BRIEF-Tidewater announces confirmation of plan of reorganization

2 Min Read

July 13 (Reuters) - Tidewater Inc

* Tidewater announces confirmation of plan of reorganization

* Tidewater Inc - ‍court has confirmed second amended joint prepackaged chapter 11 plan of reorganization of Tidewater and its affiliated debtors

* Tidewater Inc says company's existing shares of common stock will be cancelled as of effective date

* Tidewater Inc - company expects that Judge Brendan L. Shannon will enter a written confirmation order within next few business days

* Tidewater Inc - company and sale leaseback parties are not in agreement with respect to allowed amount of claims of sale leaseback parties​

* Tidewater Inc - ‍working to complete remaining steps necessary to emerge from bankruptcy by end of this month​

* Tidewater -existing common stockholders will receive their pro rata share of common stock representing 5% of pro forma common equity in reorganized Tidewater

* Tidewater Inc says existing common stockholders will get six-year warrants to purchase additional shares of common stock of reorganized Tidewater

* Tidewater Inc - all of company's existing common stock will be extinguished by plan

* Tidewater Inc - plan requires that, at time co emerges from bankruptcy, not more than 22% of outstanding common stock will be held by non-U.S. citizens

* Tidewater Inc - plan provides for issuance of a combination of common stock of reorganized Tidewater Source text for Eikon: Further company coverage:

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