Tidewater Inc. TDW shares are trading lower by $1.35 (45 percent) at $1.64 in Monday's session. Investors are abandoning the issue after it was announced the company received only limited extensions from lenders and bondholders ahead of its November 16 deadline.
After a sharply lower open, it could only manage a $0.06 bounce to $2.24 before sellers flooded the issue. It's now trading under $2 for the first time ever. The international petroleum service company peaked in August 2007 at $80.00 and now may be facing bankruptcy.
Today's price action is taking place on monster volume. So far, over 7.2 million shares have traded with just less than five hours remaining in the session. The 20-day average volume for the issue is only 1.32 million shares.
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