Tidewater, a supplier of offshore support vessels, was impacted by lower energy prices over the last 3 years as there was less exploration/development by their customers. In addition, the increased number of new vessels in the industry caused an oversupply of vessels, which resulted in decreased utilization rates and daily rates. Last year they had to get waivers because they were in violation of covenants, which eventually resulted in a negotiated pre-packaged plan. There was also the incentive to file for Ch.11 bankruptcy that would allow them to reject vessel lease-back agreements. Tidewater is also deleveraging by reducing debt to $444 million from $2.04 billion.