Offshore vessel owner Tidewater has emerged from bankruptcy after completing its reorganization.
Through its reorganization plan, Tidewater eliminated approximately $1.6 billion in principal of outstanding debt, and considering the rejection of certain sale-leaseback agreements, Tidewater estimates that interest and operating lease expenses will be reduced by approximately $73 million annually.
“The company believes that its substantially deleveraged balance sheet positions it for long-term success for the benefit of all of its stakeholders,” Tidewater said.
Brazil Energy Insight 
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