Tidewater Emerges from Chapter 11 Bankruptcy
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…
Trico to Sell Remaining Towing and Supply Vessels
Trico Marine Services, Inc. (Pink Sheets: TRMAQ) announced that it has reached an agreement with the company's major constituents concerning the process of selling Trico's remaining towing and supply vessels and any related operating assets, in accordance with previous public statements that the company is exiting the towing and supply business. The United States Bankruptcy Court for the District of Delaware recently issued an order approving the agreed upon sale process. The company noted that today's announcement excludes vessels owned by entities not part of the company's bankruptcy proceedings, including Trico's North Sea Towing and Supply vessels.
Trico's U.S. Operations Files for Bankruptcy
Trico Marine Services, Inc. (NASDAQ:TRMA) announced that its U.S. companies and its Cayman Islands holding company have filed voluntary petitions for relief under Chapter 11 of Title 11 of the United States Code (U.S. Bankruptcy Code) in the United States Bankruptcy Court for the District of Delaware. Aside from the Cayman Islands holding company, Trico's foreign subsidiaries were not included in the filing and will not be subject to the requirements of the U.S. Bankruptcy Code. Trico's U.S. and worldwide operations are expected to continue without interruption during the restructuring process. Chairman of the Board of Directors, President and Chief Executive Officer, Richard A.
Hvide Marine Creditors And Shareholders To Vote On Plan
Hvide Marine Inc. announced approval by the United States Bankruptcy Court for the District of Delaware of the Disclosure Statement regarding the company's proposed Plan of Reorganization. The Plan, which was filed on Oct. 1 and amended on Nov. 1, has the support of the Official Committee of Unsecured Creditors in Hvide's Chapter 11 case, including representatives of the holders of approximately 63% of Hvide Marine's $300 million of 8 3/8 percent Senior Notes and nearly 50 percent of its outstanding Trust Convertible Preferred Securities. "The decision by the Court allows us to proceed with the solicitation of votes on the Plan of Reorganization," commented Jean Fitzgerald, Chairman, President and CEO.
