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Tidewater: Prepare For The Deal [Seeking Alpha]

TIDEWATER (TDW)  More Company Research Source: Seeking Alpha
Last tidewater earnings: 5/14 04:30 pm Check Earnings Report
PDF Summary Tidewater (NYSE: TDW ) has recently announced that it received limited waiver extensions from its creditors. I discussed the situation in detail in my previous articles, "Tidewater: "Significant Dilution Means Wipeout Or Close To Wipeout" and "Tidewater: Addressing 4 Key Misconceptions On The Upcoming Restructuring" ( here and here ). Many readers argued that Tidewater will be able to kick the can down the road until the recovery. The biggest problem with this theory is that recovery can be several years ahead, as highlighted by Hornbeck Offshore's (NYSE: HOS ) management. As I stated above, Tidewater received new waivers. However, it only received them until March 13. This is a huge sign that the deal between Tidewater and its creditors is near. I continue to believe that the deal will be highly unfavorable to current shareholders. In fact, common shareholders will be lucky to receive anything at all. The earnings season is already behind us, and, jud [Read more]

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