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Tidewater Inc (TDW.N)

TDW.N on New York Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Tidewater receives approval of first day motions
Friday, 19 May 2017 04:34pm EDT 

May 19 (Reuters) - Tidewater Inc :Tidewater receives approval of first day motions.Court has granted relief requested by company in certain first day motions related to ordinary course business activities.Approved motions authorize company to pay prepetition employee wages and benefits without interruption in ordinary course of business.Approved motions also authorize co to maintain insurance programs, utilize its current cash management system in ordinary course of business.Approved motions also authorize co to pay undisputed prepetition obligations owed to vendors & trade creditors in ordinary course of business.  Full Article

Tidewater announces entry into restructuring support agreement with certain lenders and noteholders
Friday, 12 May 2017 06:33am EDT 

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.  Full Article

Tidewater gets limited waiver extensions from lenders, noteholders
Monday, 13 Mar 2017 05:09pm EDT 

Tidewater Inc : Tidewater receives limited waiver extensions from its lenders and noteholders .Tidewater Inc - company has now received extensions of waivers until march 27, 2017.  Full Article

Tidewater receives limited waiver extensions from its lenders, noteholders
Friday, 3 Mar 2017 05:46pm EST 

Tidewater Inc : Tidewater receives limited waiver extensions from its lenders and noteholders . Tidewater Inc says has now received extensions of those waivers until March 13, 2017 .Tidewater Inc - received limited waivers from necessary lenders and noteholders which waived compliance with these covenants until March 3, 2017.  Full Article

Tidewater reports third quarter results for fiscal 2017
Tuesday, 7 Feb 2017 05:37pm EST 

Tidewater Inc : Tidewater reports third quarter results for fiscal 2017 . Q3 loss per share $6.32 . Q3 revenue $129.2 million versus I/B/E/S view $136.9 million . Q3 earnings per share view $-1.16 -- Thomson Reuters I/B/E/S . Tidewater Inc - Included in net loss for quarter was $253.4 million ($253.4 million after-tax, or $5.38 per share) in non-cash asset impairment charges .Tidewater Inc - Actively engaged with its lenders and noteholders with respect to potential restructuring of company's various debt arrangements.  Full Article

Robert Robotti reports 6.1 pct stake in Tidewater Inc
Friday, 26 Aug 2016 05:10pm EDT 

Tidewater Inc :Robert Robotti reports 6.1 percent stake in Tidewater as of Aug. 17, 2016 - SEC filing.  Full Article

Tidewater says continues talks with lenders to amend debt pacts
Tuesday, 9 Aug 2016 05:31pm EDT 

Tidewater Inc : Q1 loss per share $1.89 . Q1 earnings per share view $-0.74 -- Thomson Reuters I/B/E/S . Tidewater reports first quarter results for fiscal 2017 and announces conference call on wednesday, august 10, 2016 at 10:00 a.m. Central time . Q1 revenue $167.9 million versus I/B/E/S view $169.7 million . At june 30, 2016, co did not meet 3.0x minimum interest coverage ratio covenant ontained in its revolving credit and term loan agreement . Continues to engage in discussions with principal lenders & noteholders to amend co's debt arrangements . Within fiscal 2017, company may no longer be in compliance with minimum interest coverage ratio requirement . $55.5 million in non-cash asset impairment charges in q1 that resulted from impairment reviews undertaken during march 2016 quarter . Tidewater says internal forecast indicated that within fiscal 2017, co may no longer be in compliance with minimum interest coverage ratio requirement .All of company's indebtedness has been reclassified as a current liability in accompanying consolidated balance sheet since march 31, 2016.  Full Article

Tidewater Q4 loss per share $1.74
Wednesday, 25 May 2016 05:43pm EDT 

Tidewater Inc : Event of default under borrowing arrangements as uncertainty raises substantial doubt about co's ability to continue as going concern . Tidewater reports fourth quarter and year end results for fiscal 2016 . Q4 loss per share $1.74 . Q4 revenue $184.2 million versus i/b/e/s view $192.4 million .Q4 earnings per share view $-0.59 -- Thomson Reuters I/B/E/S.  Full Article

Tidewater Inc announces suspension of dividend and common stock repurchase program
Thursday, 28 Jan 2016 05:44pm EST 

Tidewater Inc:Board of Directors has approved management's recommendation to suspend Tidewater's quarterly dividend and common stock repurchase program.By suspending what has been a $0.25 per share quarterly dividend, the company will preserve approximately $47 million of cash annually.  Full Article

Tidewater Inc declares quarterly dividend on common stock
Thursday, 12 Nov 2015 03:08pm EST 

Tidewater Inc:Declared on November 12, 2015, a quarterly cash dividend of $0.25 per share of common stock.Payable December 15, 2015, to shareholders of record on December 4, 2015.  Full Article

More From Around the Web

BRIEF-Tidewater receives approval of first day motions

* Court has granted relief requested by company in certain first day motions related to ordinary course business activities