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.
