Tidewater says the last waiver on covenant default on its outstanding debt has expired. The company does not plan to seek a renewal.
The company had won two waivers on meeting loan covenants since 3 March, which had been the original deadline for talks with lenders. The New Orleans-based offshore vessel owner has said it may seek a Chapter 11 bankruptcy filing as part of a restructuring process.
Jeffrey Platt, chief executive of Tidewater, said negotiations with lenders are still ongoing with major points largely resolved. But "work remains to resolve a small number of issues and to obtain the approval of our board of directors and final approval from the various financial institutions."
