Tidewater Inc. Investment Losses
Have you suffered losses investing in Tidewater Inc.? If so, The White Law Group may be able to help you recover your losses by filing a FINRA Arbitration claim against the brokerage firm that sold you the investment.
Tidewater Inc. is a publicly traded international petroleum service company headquartered in New Orleans, Louisiana, U.S. It operates a fleet of ships, providing vessels and marine services to the offshore petroleum industry. Tidewater Inc. plans to file Chapter 11 bankruptcy this week after signing a restructuring support agreement with certain lenders.
The company has been in discussions with the New York Stock Exchange (NYSE) to keep its current listing through the restructuring process. Although the company has fallen below the continued listing standard that requires listed companies to maintain an average closing price per share of at least $1 over a consecutive 30 trading-day period, Tidewater has notified the NYSE of its intent to cure and has until Oct. 18 to regain compliance.
Tidewater Inc. plans to remain a publicly-traded company after restructuring and will continue to have its common stock listed for trading on the NYSE both during and after the restructuring process.
Under the deal, existing shares of common stock will be cancelled, and existing shareholders will receive common stock in the reorganized Tidewater representing 5% of the company, along with two sets of warrants.
Jeffrey Platt, president and CEO of Tidewater, announced in a press statement, “As we continue to navigate this unprecedented industry downturn, we are pleased that we have reached an agreement which should allow Tidewater to significantly reduce its debt burden and provide sound financial footing for the company’s future. We believe that successful completion of our restructuring will provide the necessary liquidity and operational flexibility for Tidewater to continue to operate at lower levels of activity until offshore drilling activity recovers and more reasonable levels of vessel utilization and day rates are restored. I want to thank our employees and other stakeholders for their continued hard work and dedication as we complete the restructuring process.”
According to reports, Tidewater Inc. expects that it will eliminate approximately $1.6 billion in principal of outstanding debt under the plan. All aspects of the prepackaged plan remain subject to bankruptcy court approval and satisfaction of conditions set forth in the prepackaged plan.
Recovery of Investment Losses
The White Law Group is investigating the liability that brokerage firms may have for selling high risk energy sector investments such as Tidewater Inc.
Broker dealers are required to perform adequate due diligence on all investment recommendations to ensure that each investment is suitable for the investor in light of the investor’s age, risk tolerance, net worth, financial needs, and investment experience.
If a broker or brokerage firm makes an unsuitable investment recommendation or fails to adequately disclose the risks associated with an investment they may be liable for investment losses.
To determine whether you may be able to recover investment losses incurred as a result of your purchase of Tidewater Inc. or another high risk energy investment, please contact The White Law Group at 1-888-637-5510 for a free consultation.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida. For more information on the firm, visit www.WhiteSecuritiesLaw.com.