Company: TDDWW
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001437749-25-024640
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Company: TIDEWATER INC
Filing Date: 2025-08-04
Form: 10-Q
Item: Part II, Item 1
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See discussion of legal proceedings in (i) “Note (9) - Commitments and Contingencies” of the Notes to Unaudited Condensed Consolidated Financial Statements in this Quarterly Report; (ii) Item 3 of Part I of our 2024 Annual Report; and (iii) “Note (12) – Commitments and Contingencies” of the Notes to Consolidated Financial Statements included in Item 8 of our 2024 Annual Report.

ITEM 1A.       RISK FACTORS

There are numerous factors that affect our business and results of operations, many of which are beyond our control. In addition to the risk factor discussed below and other information presented in this quarterly report, you should carefully read and consider “Item 1A - Risk Factors” in Part I and “Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations” in Part II of our 2024 Annual Report.

The agreements governing our debt contain various covenants that impose restrictions on us and certain of our subsidiaries that may affect our ability to operate our business and to make payments on our debt.

The agreements governing our indebtedness contain various restrictive covenants that, among other things, limit our ability and the ability of certain of our subsidiaries to:

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      incur, assume or guarantee additional indebtedness or issue certain preferred stock; 

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     create liens to secure indebtedness;

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     pay distributions on equity interests, repurchase equity securities, make investments or redeem subordinated indebtedness;

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     restrict distributions, loans or other asset transfers;

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     consolidate with or merge with or into, or sell substantially all of our assets to, another person;

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     sell or otherwise dispose of assets, including equity interests in subsidiaries;

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     designate a subsidiary as an unrestricted subsidiary; and

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     enter into transactions with affiliates.

Moreover, as specified in the New Revolving Credit Facility, in certain circumstances, we are subject to mandatory prepayments or commitment reductions if the collateral coverage ratio drops to below 5:1 (subject to certain reinvestment rights). Such mandatory prepayments and commitment reductions could affect cash available for use in our business. The New Revolving Credit Facility also requires us to comply with the following financial maintenance covenants:

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      as of the last day of each fiscal quarter, beginning with March 31, 2025, the ratio of our net interest