The plans pre-packaged bankruptcies of Tidewater and GulfMark Offshore could put new equity in the pockets of key executives even as they deliver a dilution blow to existing shareholders.

The two US offshore vessel owners struck deals to begin Chapter 11 restructurings that will leave current shareholders just a tiny fraction of total equity.

GulfMark filed for bankruptcy protection in Delaware on Wednesday and Tidewater was expected to do so on the same day, although it had not done so by TradeWinds press time.