PR Newswire
NEW ORLEANS, April 19, 2017
NEW ORLEANS, April 19, 2017 /PRNewswire/ -- On
April 18, 2017, Tidewater Inc. (NYSE:TDW) (the "Company") was notified by the New York Stock
Exchange ("NYSE") that the 30-trading-day average closing price per share of the Company's common stock was below $1.00, which is the minimum average share price required for continued listing under NYSE rules.
As required by NYSE rules, no later than May 2, 2017, the Company will notify the NYSE of its
intent to cure the share price deficiency and to return to compliance with this continued listing standard. Under NYSE
rules, the Company has six months (subject to possible extension) to regain compliance with this continued listing standard and
avoid delisting. In particular, each of the ending and 30-trading-day average share prices of the Company's common stock
must equal or exceed $1.00 on October 18, 2017 (unless extended) or
on the last trading day of any month prior to that date.
The Company's common stock continues to be listed and traded on the NYSE, subject to the Company's compliance with other NYSE
continued listing requirements. The NYSE notification does not affect the Company's business operations or its Securities
and Exchange Commission reporting obligations. The NYSE notification does not conflict with or cause an event of default
under any of the Company's material debt arrangements or other agreements.
As previously announced, the Company is engaged in active discussions with its principal lenders and noteholders regarding
restructuring of its debt arrangements, and the Company's management believes that substantial progress is being made towards
that goal. The Company has not sought a renewal or extension of the limited waivers from certain lenders and noteholders
that waived compliance with certain debt covenants, the most recent of which expired on April 7,
2017.
Tidewater is the leading provider of OSVs to the global energy industry.
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SOURCE Tidewater Inc.
