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Tidewater Filed For Ch.11 Bankruptcy - Some Insight [Seeking Alpha]

TIDEWATER (TDW)  More Company Research Source: Seeking Alpha
Last tidewater earnings: 5/14 04:30 pm Check Earnings Report
PDF Summary On May 17, Tidewater, Inc. (NYSE: TDW ) joined the long list of energy-related companies to file for Ch.11 bankruptcy. Unlike most of the companies, shareholders are getting recovery under the negotiated pre-packaged plan ( docket 17 ). While TDW is not a bargain relative to the recovery estimates, the 2 different 6-year warrants being given them could make it an interesting investment for investors expecting stronger energy prices. Tidewater, a supplier of offshore support vessels, was impacted by lower energy prices over the last 3 years as there was less exploration/development by their customers. In addition, the increased number of new vessels in the industry caused an oversupply of vessels, which resulted in decreased utilization rates and daily rates. Last year they had to get waivers because they were in violation of covenants, which eventually resulted in a negotiated pre-packaged plan. There was also the incentive to file for Ch.11 bankruptcy that would all [Read more]

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