Tidewater’s official committee of equity security holders filed with the U.S. Bankruptcy Court a motion for an additional adjournment of the Disclosure Statement and Plan confirmation hearing until the last week of July 2017.
The motion explains, “The Equity Committee seeks a further extension of the Hearing to the last week of July, recognizing that any extension beyond July 31, 2017 would trip the RSA milestone. The Equity Committee does not make this request lightly – having just been before this Court one week ago and being cognizant of the Court’s busy docket, but given the task at hand – even in the bankruptcy world of tight start to finish timelines for trials – there is just not enough time. On that score, the request is necessary because the Equity Committee does not have sufficient time to challenge confirmation on the current schedule. Since last before this Court, the Equity Committee immediately interviewed and selected a financial advisor, commenced its diligence by getting data room access, conducted calls with the Debtors’ management and advisors and conducted a call with counsel that represented the board of directors in Plan negotiations. Given the current timeline, the Equity Committee’s advisors have worked around the clock…and have concluded that there are grounds to challenge the Debtors’ valuation and that equity should do better than its treatment under the Plan.”
In addition, “To be prepared for a contested confirmation hearing on valuation – after a week’s worth of intensive diligence – requires more than the current schedule permits. A contested valuation hearing requires a lot more work: fact discovery; fact depositions; expert reports; expert depositions; rebuttal expert reports; briefing; and trial preparation. After completing its intensive diligence, and reaching its initial conclusion, the Equity Committee now has twelve days after today to get ready for trial – and four of those days are weekend days and one or two of those days are holidays. Even in the world of bankruptcy, that is just not realistic or consistent with due process.”
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