Tidewater wins confirmation to restructure $2 billion in debt
Offshore oil sector services vessel company Tidewater Inc. (“Tidewater”) won confirmation on July 13 of its chapter 11 plan to restructure $2 billion in debt, paving the way for the company’s emergence from chapter 11 bankruptcy. Fortunately for all stakeholders, Tidewater’s stint in chapter 11 proved very brief. After commencing its bankruptcy cases on May 17, Tidewater’s plan was confirmed less than two months later by Judge Brendan L. Shannon of the US Bankruptcy Court for the District of Delaware. The plan is expected to go effective within 30 days.
Milbank, Tweed, Hadley & McCloy LLP represents DNB Bank ASA as agent under the Troms Facility Agreement in connection with the prepackaged restructuring of Tidewater. As of the petition date, approximately $92 million was outstanding under the Troms Facility Agreement. Under Tidewater’s plan and related restructuring documents, the previously unsecured Troms Facility Agreement will be reinstated in full and with a new collateral package.
Milbank’s team is led by Financial Restructuring partners Dennis Dunne and Tyson Lomazow. Also advising DNB Bank are Leveraged Finance partner Marc Hanrahan and associates Gregory Kopacz and Benjamin Sayagh.
