• 2017 July 15 12:53

    Tidewater announces confirmation reogranization plan

    Tidewater Inc. (NYSE: TDW) ("Tidewater" or the "Company") on July 13 announced that the United States Bankruptcy Court for the District of Delaware (the "Court") has confirmed the Second Amended Joint Prepackaged Chapter 11 Plan of Reorganization of Tidewater and its Affiliated Debtors, originally dated May 17, 2017 and amended on July 12, 2017 and July 13, 2017 (the "Plan"), Tidewater said in a press release.

    The Company expects that Judge Brendan L. Shannon will enter a written confirmation order within the next few business days (the "Confirmation Order").

    "We are very pleased that the court has confirmed our Plan within a relatively short time frame," said Jeffrey M. Platt, Tidewater's President and Chief Executive Officer. "The substantial deleveraging of our balance sheet through the recapitalization contemplated by the Plan, as well as our strong liquidity position, should reassure our customer and vendor base of our ongoing ability to perform our contracts and meet our obligations while we weather the continuing headwinds in the offshore energy industry.

    Additionally, this restructuring will position us to consider possible targeted acquisition opportunities in an industry where consolidation is to be expected. We are working hard to complete the remaining steps necessary to emerge from bankruptcy by the end of this month. 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, and we look forward to emerging in the coming weeks as a strong, well-capitalized company, poised to continue providing our customers with the same safe, compliant and efficient services which have been the hallmark of our Company throughout our history."

    The following is a summary of the material terms of the Plan. This summary highlights only certain substantive provisions of the Plan and is not intended to be a complete description of the Plan. Capitalized terms used but not defined below have the meanings ascribed to them in the Plan. Following the entry of the written Confirmation Order, the Company will file a Current Report on Form 8-K with the Securities and Exchange Commission, which will include the Plan and Confirmation Order as exhibits. 




2017 July 26

18:06 Norwegian Maritime Authority laid down amendments to the Regulations on environmental safety1 and the Regulations on port State control2
17:36 Simon Stevin arrives in Norway to load 32,000 tonnes of rock for the Borkum Riffgrund 2 offshore wind farm
17:06 Campbell Shipping appoints ISS for global husbandry representation services contract
16:53 NCSP wins anti-monopoly case in court
16:47 Hampton RoadsTransit сhristens BMT-designed ferry
16:29 SPb Governor and representatives of Passenger Port of Saint-Petersburg visit Turku
16:00 Port of Antwerp supports pilot project for secure, efficient release of containers
15:34 Okskaya Shipyard launches multi-purpose diving catamaran of Project SDS18, Igor Ilyin (photo)
15:02 ABS classes U.S.-built Liquefied Gas Barge
14:47 PETRONAS and partners will not proceed with Pacific NorthWest LNG project
14:22 Dr Wolfgang Hönemann represents Rotterdam port in North Rhine Westphalia
13:55 PETRONAS delivers first LNG cargo to Thailand
13:32 European Commission publishes Mobility Package for Transport
13:02 Georgia Ports Authority of USA ordered more STS cranes from Konecranes
12:53 Ukraine to close Ilyichevsk Ship Repair Plant and Museum of Ukrainian Navy
12:30 Samskip makes major Norwegian acquisition with Nor Lines takeover
12:01 Cnsortium of Bolloré Transport & Logistics, CMA CGM and CHEC sign the concession agreement for the Containers Terminal of the new Port of Kribi (Cameroon)
11:59 OCIMF and ReCAAP step up counterpiracy cooperation
11:51 Maersk Line launches Remote Container Management for customers
11:20 Wärtsilä scrubber systems to clean the exhaust from two new Japanese bulk carriers
10:40 Indicative bunker prices go up at the port of Saint-Petersburg, Russia (graph)
10:03 Brent Crude futures price up 0.72% to $50.56, Light Sweet Crude – up 0.94% to $48.34
09:37 Baltic Dry Index up to 980 points
09:18 Rosmorport appoints Yegor Shelukhin as Deputy Director for Security of Arkhangelsk Branch (photo)

2017 July 25

18:00 Krasnoye Sormovo delivers two chemical tankers of Project RST27 to shipping company Volgotrans (photo)
17:05 Western Marine delivers 176 TEU inland container vessel to Invicta Limited
16:33 Cruise ship Pacific Princess made her inaugural call to Passenger Port of Saint Petersburg
16:05 Wagenborg to repair Oostersluisbrug Groningen
15:44 Kaliningrad seaport boundaries changed
15:39 W&T Offshore contracts the Enterprise Offshore 264 jackup rig to drill the ST 224 gas condensate prospect
15:16 COSCO (Guangdong) Shipyard announces delivery of vessel
15:12 Ferryboat Petersburg returns to Ust-Luga – Baltijsk line (photo)
14:48 Commercial Sea Port of Taganrog invested RUB 114.9 mln in port infrastructure development in HI’17
14:27 380-tonne cargo unit handled by Multipurpose Terminal YUG-2 at the port of Ust-Luga (photo)
14:00 AquaStroy to invest RUB 493 mln in construction of yacht port Aquamarine in Vladivostok
13:59 VOS Start W2W vessel departs Damen Shiprepair Oranjewerf
13:33 Vostochny Port completed modernization of its water treatment facilities (photo)
12:58 Lotus Shipyard to launch cruise ship of Project PV300VD in April 2018 (photo)
12:05 Hyundai Merchant Marine increases Asia-US West Coast volume by 77% YoY, ranks 4th in market share in June 2017
11:46 LNG developer NextDecade finalizes business combination with Harmony
11:30 DP World establishes new logistics arm in Australia
11:04 Almost 1 000 MLC-inspections carried out in Norway in 2016
10:57 Bunker prices are flat at the Far East ports of Russia (graph)
10:42 MES establishes after-sales service company for container handling cranes in Malaysia
10:19 Coal exports via Rosterminalugol terminal hit 13 mln t milestone this year
10:04 DP World reports 10.7% gross volume growth in second quarter of 2017
09:54 Brent Crude futures price up 0.49% to $48.84, Light Sweet Crude – up 0.54% to $46.59
09:36 Port of Gdansk announces record high transshipment results
09:15 Baltic Dry Index is flat at 977 points

2017 July 24

18:27 ABP South Wales celebrates 30 year partnership with WNO
18:02 Marine Recruiting Agency starts cooperation with Saint-Petersburg Employment Centre
17:38 Freeport of Riga Authority announces winners of Innovation Competition for students “The Port for the City”
17:16 Nakilat concludes half year 2017 with net profit of QR 409 million
17:09 MOL Group Ship Management Company acquires latest international certification for Environment and Energy Management Systems
16:50 CMA CGM announces GRR - From Red Sea ports to West Africa
16:35 CMA CGM announces new FAK Rates - From Asia to North Europe
16:11 Maersk Line and JF Hillebrand partner for sustainable growth by signing the Carbon Pact
15:48 CMAL held a keel-laying ceremony for new Kerrera ferry
15:24 88-tonne fuel tank delivered for Scotland’s first LNG ferry
14:57 IMO Council is meeting for its 118th session