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BRIEF-Tidewater announces entry into restructuring support agreement with certain lenders and noteholders
May 12, 2017 / 10:44 AM / 2 months ago

BRIEF-Tidewater announces entry into restructuring support agreement with certain lenders and noteholders

2 Min Read

May 12 (Reuters) - Tidewater Inc:

* Tidewater announces entry into restructuring support agreement with certain lenders and noteholders

* Tidewater - upon effectuation of prepackaged plan, tidewater expects that it will eliminate approximately $1.6 billion in principal of outstanding debt

* Tidewater - as contemplated by rsa, co, certain units expect to file chapter 11 cases in delaware by may 17, 2017 to implement prepackaged plan

* Tidewater Inc - during chapter 11 cases, Tidewater plans to reject certain sale-leaseback agreements for leased vessels currently in company's fleet

* Tidewater Inc - lenders under credit agreement, will receive $225 million of cash

* Tidewater Inc - during chapter 11 cases, tidewater plans to limit resulting rejection damages claims to approximately $131 million

* Tidewater-Considering rejection of some sale-leaseback deals, estimates that interest & operating lease expenses will be reduced by about $73 million annually

* Tidewater inc- pursuant to rsa, consenting creditors have agreed to vote in favor of prepackaged plan

* Tidewater - expects has sufficient liquidity to operate business while chapter 11 cases are pending

* Tidewater inc - lenders under credit agreement will receive new 8pct fixed rate secured notes due in 2022 in aggregate principal amount of $350 million

* Tidewater Inc - prepackaged plan has support of company's lenders holding 60pct of outstanding principal amount of loans under credit agreement

* Tidewater Inc - prepackaged plan also has support of holders of 99pct of aggregate outstanding principal amount of tidewater's senior notes

* Tidewater-Entered RSA with some of its lenders under its revolving credit agreement, dated June 21, 2013 & holders of some of co's senior notes Source text for Eikon: Further company coverage:

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