RE:RE:Altagas saleI'll explain my version of why this has happened.
let's go back to a day when Tidewater was "just a twinkle in it's dad's eye".
The founder of TWM started out as predator oil in very favourable economic time when low interest rates were the norm. Also, predator oil had a completely different business model than what TWM has right no, predator oil owned all of its production were margins are very high in a high oil environment.
Fast forward to inception of TWM, margins are thin due to being a midstream business model, CEO piled on the debt as if interest will never go back up.
Most if not all purchases were placed on the credit card or issued shares to pay for their acquisitions. Grew so fast, that executives didn't bother to get there assets fully utilized to be cash flow positive. Board of directors/ birch hill brought in a new CEO to straighten things up, unfortunately, they brought in someone with no oil and gas operating experience. Now, they're shaking up the company again with a person with no oil and gas experience, a back ground in making the asset cash flow positive and crave out. You may of give this new manager a ALIAS and call him Richard Gere, Tidewater is taken a page out of the PRETTY WOMEN movie. But in this movie, the only one getting SCREWED is the shareholders.