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Wednesday, November 22, 2017

Tidewater Emerges from Chapter 11 Bankruptcy

July 31, 2017

Photo: Tidewater Inc.

Photo: Tidewater Inc.

 New Orleans-based  Tidewater Inc and its affiliated chapter 11 debtors have emerged from bankruptcy after successfully completing its reorganization pursuant to the Second Amended Joint Prepackaged Chapter 11 Plan of Reorganization of Tidewater and its Affiliated Debtors that was confirmed on July 17, 2017 by the United States Bankruptcy Court for the District of Delaware

 
Capitalized terms used but not defined below have the meanings ascribed to them in the Plan, which was filed as Exhibit 2.1 to the Company's Current Report on Form 8-K filed on July 18, 2017.
 
Through its Plan, Tidewater eliminated approximately $1.6 billion in principal of outstanding debt, and considering the rejection of certain sale-leaseback agreements, Tidewater estimates that interest and operating lease expenses will be reduced by approximately $73 million annually. 
 
The Company believes that its substantially deleveraged balance sheet positions it for long-term success for the benefit of all of its stakeholders.  The company was principally advised by Lazard, Weil Gotschal & Manges LLP and Jones Walker LLP.
 
"Today marks the completion of a restructuring and recapitalization that allows the Company to move forward with a solid financial foundation from which we expect to continue to strengthen our business and grow," said Jeffrey M. Platt, Tidewater's President and Chief Executive Officer. 
 
"We now have the financial flexibility to continue to provide our customers with the safe, compliant, and efficient services that are the hallmark of our Company. Tidewater is thankful for the continued support of our many stakeholders, including our lenders, noteholders, stockholders, employees, customers, vendors and trade creditors. Their support has been integral to the successful outcome of the chapter 11 process."
 
Pursuant to the Plan, following today, the Company will explore listing the New Creditor Warrants on an exchange, subject to approval by its board of directors and applicable listing requirements. 
 
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