TIDEWATER <TDW> COMPLETES DEBT RESTRUCTURE
Tidewater Inc said it completed
agreements to restructure about 125 mln dlrs in debt that call
for payment of interest only through March 1989.
    The deferral of all principal payments until April 1989
will save the company 12 mln dlrs in cash flow in each of the
next two years, it said.
    The restructured agreements call for suspending dividend
payment on Tidewater's common and convertible adjustable
preferred stock and contain other restrictive covenants,
including a requirement to maintain minimum tangible net worth.
    <Prudential Insurance Co> and Manufacturers Hanover Corp
<MHC>, the company's principle lenders, will receive as
collateral a pledge of stock in Tidewater subsidiaries that own
interests in oil and gas ventures offshore Indonesia.
    Banca Nazionale del Lavoro, an Italian bank, will obtain a
security interest in Tidewater's assets in Italy.
 Reuter
