Hvide Files Reorganization Plan

Friday, October 15, 1999
Hvide Marine, Inc. has filed a proposed Plan of Reorganization that, if confirmed, would deleverage its balance sheet, restore liquidity and enhance the Company's competitive position in the marketplace. The Plan is a result from discussions with the Official Committee of Unsecured Creditors appointed in Hvide's Chapter 11 case, including representatives of the holders of about 63 percent of the company's $300 million of 8 3/8 percent senior notes would exchange their Senior Notes for 9,800,000 shares of common stock of the reorganized Hvide Marine, representing 98 percent of the new common equity. Holders of the Trust Convertible Preferred Securities would receive 200,000 shares of common stock of the reorganized Hvide Marine, representing 2 percent of the new common equity, together with warrants to purchase an additional 125,000 shares of the common stock of the reorganized Hvide Marine. The warrants would be exercisable at $38.49 per share and would have a term of four years.
Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

LR to Class Maersk Supply Service Anchor Handlers

The six vessels (plus four options) placed in the Norwegian yard will be assigned Lloyd’s Register (LR) class notations 100A1, Offshore Supply Ship AHTS, Fire Fighting Ship 1 (2400),

Egypt Eyes Suez Container Port Renegotiation

Egypt is trying to renegotiate an extension of an agreement worth $1.5 billion with Suez Canal Container Terminal which has a concession to run a port near the entrance to the canal,

Maersk Drilling gets Extension for Jack-Up

Maersk Drilling, is a unit in shipping and oil conglomerate A.P. Moller-Maersk. Hess has exercised the four one-well options included in the current contract for the jack-up rig Maersk Resolute.

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2405 sec (4 req/sec)