no matter what...Tidewater is a goner!
Tidewater receives limited waiver extensions from its lenders and noteholders
September 19, 2016
Tidewater, which has been in discussions with its principal lenders and noteholders to amend the company's various debt arrangements with regard to certain covenant noncompliance, having previously received limited waivers from the necessary lenders and noteholders which waived the covenant noncompliance until 18 September 2016, has received extensions of the limited waivers of covenant noncompliance until 21 October 2016.
"Consistent with disclosures included in the company's recently filed Form 10-Q, the company believes that the ongoing discussions with its lenders and noteholders have been constructive and progress is being made towards resolving the principal open issues," said Tidewater. "However, work remains to be done, and no assurance is given that the various parties will reach agreement on amendments to the various loan agreements and notes
they will be the first of the "big" OSV companies to crash and burn in this downturn but will not be the last once the contagion takes hold
someone was bound to the the first to go down for the count but I expect other companies without any more cash on hand and little in the way of further borrowing ability are going to follow TDW into a pit where nobody can ever hope to escape.