World Bank partially lifts suspension on Tidewater award in Venezuela case
Mar 2 2016, 09:45 ET | By: Carl Surran, SA News Editor Contact this editor with comments or a news tip
Tidewater (TDW +2.7%) says it is due $37.2M as a result of a World Bank tribunal decision to partially lift a stay of enforcement on a compensation claim payable by Venezuela.TDW says enforcement on the $28.2M balance of the award will remain stayed until the conclusion of the annulment proceeding, which is expected to occur this calendar year.TDW admits that even with the partial lifting of the stay of enforcement, the collection of the award may present significant practical challenges.The dispute involves 11 TDW ships that were seized in 2009 by Venezuelan authorities as part of a nationalization campaign.