United States

Tidewater Inc (TDW)

TDW on New York Consolidated

25 Sep 2017
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Latest Key Developments (Source: Significant Developments)

Tidewater says completes restructuring, emerges from chapter 11 bankruptcy
Monday, 31 Jul 2017 11:10am EDT 

July 31 (Reuters) - Tidewater Inc ::Tidewater successfully completes financial restructuring and emerges from chapter 11 bankruptcy.Company and its affiliated chapter 11 debtors have emerged from bankruptcy after successfully completing its reorganization​.Through plan, Tidewater eliminated approximately $1.6 billion in principal of outstanding debt​.Estimates that interest and operating lease expenses will be reduced by approximately $73 million annually​.New common stock has been approved for listing on new york stock exchange under same nyse ticker symbol "TDW"​.Will explore listing new creditor warrants on an exchange, subject to approval by its board of directors​.Jeffrey M. Platt, company's president and chief executive officer, to contine as a director​.  Full Article

Tidewater reports Q4 loss per share $2.01
Monday, 12 Jun 2017 06:46pm EDT 

June 12 (Reuters) - Tidewater Inc : :Tidewater reports fourth quarter and year end results for fiscal 2017.Q4 loss per share $2.01.Q4 revenue $160.7 million.Q4 revenue view $120 million -- Thomson Reuters I/B/E/S.Q4 earnings per share view $-1.30 -- Thomson Reuters I/B/E/S.Tidewater Inc says given pendency of bankruptcy cases, company will not be hosting an earnings conference call to discuss fiscal 2017 financial results.Tidewater Inc says expect to resume holding quarterly earnings conference calls following emergence from bankruptcy.Tidewater - if prepackaged plan is approved by court within time frame currently expected, prepackaged plan will likely become effective in July 2017.  Full Article

Tidewater commences prepackaged chapter 11 cases
Wednesday, 17 May 2017 08:41pm EDT 

May 17 (Reuters) - Tidewater Inc ::Tidewater commences prepackaged chapter 11 cases pursuant to restructuring support agreement.Tidewater - prepackaged plan is supported by lenders holding approximately 60% of outstanding principal amount of loans under credit agreement.No trustee has been appointed.Believes it has adequate liquidity to maintain its operations in ordinary course.Does not intend to seek any debtor-in-possession financing during pendency of bankruptcy cases.  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