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T R O U B L E D C O M P A N Y R E P O R T E R
Saturday, June 24, 2017, Vol. 21, No. 174
Headlines
TIDEWATER INC: Files Initial Monthly Operating Report
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TIDEWATER INC: Files Initial Monthly Operating Report
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Tidewater Inc. filed an initial monthly operating report on June 8,
2017.
The Debtor's Initial MOR includes a cash flow projection for the
12-month period covering the month ended June 30, 2017 through the
month ended June 30, 2018.
The Debtor projects cash receipts to total $471.5 million for the
12-month period ended June 30, 2018. Operating disbursements is
projected at $465.1 million and non-operating cash flows for the
same period is projected at $301.0 million. Non-operating cash
flows include $13.2 million in professional fees, and $100,000 in
U.S. trustee fee.
The Initial MOR also include a schedule of retainers paid to
professionals. Among the Debtor's bankruptcy professionals are
Alixpartners, LLP, Jones Walker LLP, KPMG and Richrads, Layton, &
Finger.
A copy of the initial monthly operating report is available at:
http://bit.ly/2ssEb2R
About Tidewater Inc.
Founded in 1955, Tidewater, Inc. (NYSE: TDW) is a publicly traded
international petroleum service company headquartered in New
Orleans, Louisiana, U.S. It operates a fleet of ships, providing
vessels and marine services to the offshore petroleum industry.
Tidewater Inc. and its affiliates sought Chapter 11 bankruptcy
protection (Bankr. D. Del. Lead Case No. 17-11132) on May 17,
2017. The petitions were signed by Bruce Lundstrom, executive vice
president, general counsel and secretary.
Tidewater, Inc. disclosed $4.31 billion in total assets and $2.34
billion in debt as of Dec. 31, 2016.
The Debtors tapped Weil, Gotshal & Manges LLP as counsel;
Richards,
Layton & Finger, P.A., as co-counsel; Jones Walker LLP, as
corporate counsel; AlixPartners, LLP, as financial advisors;
Lazard Freres & Co. LLC, as investment banker; KPMG LLP, as
restructuring tax consultant; Deloitte & Touche LLP as auditor and
tax consultant; and Epiq Bankruptcy Solutions, LLC, as
administrative advisors, and claims and solicitation agent.
An official committee of unsecured creditors has not yet been
appointed in the Chapter 11 case of Tidewater Inc. as of May 31,
according to a court docket.
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S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
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Copyright 2017. All rights reserved. ISSN: 1520-9474.
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