The new shares of Tidewater Inc.
began trading on the New York Stock Exchange Tuesday, after the provider of offshore service vessels for the energy industry emerged from bankruptcy. The stock, which was listed under the same ticker symbol of “TDW” as it was before the emergence from bankruptcy, changed hands at $24.82 in morning trade, up 18% from an opening trade of $21. The stock had closed Monday at 93 cents. Through its bankruptcy, the company was able to eliminate $1.6 billion worth of debt, and cut annual interest and operating lease expenses by $73 million. “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 in a statement released Monday. Tidewater emerges from bankruptcy at a tough time for the oil services sector, as the VanEck Vectors Oil Services ETF
has tumbled 26% year to date, while the S&P 500
has gained 11%.
View more information: https://www.marketwatch.com/story/tidewaters-new-stock-climbs-from-the-open-after-company-emerges-from-bankruptcy-2017-08-01