Tidewater said a Delaware bankruptcy court approved its bankruptcy plan, under which its lenders will own most of the company's new equity.
The New Orleans-based company said the second amended Chapter 11 plan was confirmed by a Delaware district court.
The prepackaged plan offers the lenders and creditors a pro-rata share of $255m in cash, common stocks and warrants representing 95% of the equity in the reorganised company, and $350m in new secured notes maturing in 2022.
As previously disclosed, lessors that have entered sale-and-leaseback deals with Tidewater did not agree to the amounts laid out for them in the bankruptcy plan. Tidewater said it will set aside amounts it believes are payable to the sale-and-leaseback parties until their claims are resolved.
The company will also limit the amount of new equity that can be given to non-US entities to no more than 22% so that it can keep its Jones Act cabotage status.
Common shareholders will receive 5% of the pro-forma equity in the company, plus warrants to purchase additional shares.
Chief executive Jeffrey Platt said the deleveraging should assure customers and vendors of Tidewater's "ongoing ability to perform our contracts and meet our obligations while we weather the continuing headwinds in the offshore energy industry."
He added that the company will look to roll up other companies in the sector and "consider possible targeted acquisition opportunities in an industry where consolidation is to be expected."
