First Wave Marine Files Reorganization Plan

Thursday, July 05, 2001
First Wave Marine, Inc. announced that it has filed with the U.S. Bankruptcy Court for the Southern District of Texas, a Plan of Reorganization in the Company's Chapter 11 proceeding. The filing of the Plan should pave the way for the Company's emergence from bankruptcy in early fall after requisite Bankruptcy Court approvals can be obtained. The Plan calls for an exchange of all of First Wave's 11% Senior Notes for 96.7% of the common stock of the Company which will significantly improve the balance sheet and financial strength of the Company. The Committee of Unsecured Creditors has stated that it will support the Plan. On February 5, First Wave filed for relief under Chapter 11 of Title 11 of the United States Code in the Southern District of Texas. Immediately after filing, the Company secured $20 million in post petition financing to provide working capital during its restructuring. At the same time, First Wave obtained Bankruptcy Court authority to pay employees and certain qualifying critical vendor and subcontractor pre-petition payables on an uninterrupted basis. Since its Chapter 11 filing, First Wave has successfully maintained normal operations. First Wave President Grady Walker said, "filing this Plan represents the achievement of a major milestone in our efforts to restructure the Company and paves the way for a speedy emergence from bankruptcy. Additionally, the Plan dramatically reduces the long-term indebtedness of the Company, thus improving its financial and competitive strength. Thanks to the hard work of our employees and the loyalty and support of our customers, vendors and lenders, First Wave's operations have performed well throughout this Chapter 11. Now as we move towards the conclusion of this restructuring, First Wave will redouble its focus on core businesses and prepare to exploit its new financial strength in order to better serve the evolving needs of its customers." The original majority shareholders, Messrs. Sam Eakin, Frank Eakin and David Ammons, have elected to resign their positions as officers and directors upon Bankruptcy Court approval to pursue their interests in other companies. Upon approval, H. Grady Walker III, Frank R. Pierce and Suzanne B. Kean will be appointed as directors of the Company. Messrs. Walker and Pierce and Ms. Kean will also continue in their current respective management positions. First Wave is a leading provider of shipyard and related services, with five shipyards in the Houston-Galveston area. The Company provides repair, conversion, new construction, and related services for barges, boats, ships, offshore rigs, and other vessels in the offshore and inland marine industries.
Maritime Reporter October 2013 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

MOL Merges Group Companies; Upgrades Bridge Simulator

MOL adds DPS and enhances safe operation by integrating expertise through merger Mitsui O.S.K. Lines, Ltd. (MOL) announced the merger of MOL Marine Consulting, Ltd.

Swire Pacific Acquires 3rd L Class PSV

Shipowner and operator, Swire Pacific Offshore Operations (Pte) Ltd (SPO) celebrated the naming and delivery of its third L Class PSV vessel, Pacific Legend in Kyoto,

Norvestor to Become PG’s Largest Shareholder

Norvestor VI, L.P., a fund advised by Norvestor Equity AS, announced it has signed an agreement to invest in Ing Per Gjerdrum AS including its subsidiaries PG Hydraulics AS and PG Construction AS.

Finance

Odfjell Finalizes LPG/Ethylene Joint Venture Deal

Following Odfjell SE’s May 16, 2014 announcement declaring the signing of a definitive agreement to form a LPG/E shipping joint venture, Odfjell today announced

Norvestor to Become PG’s Largest Shareholder

Norvestor VI, L.P., a fund advised by Norvestor Equity AS, announced it has signed an agreement to invest in Ing Per Gjerdrum AS including its subsidiaries PG Hydraulics AS and PG Construction AS.

GasLog Closes First Option Vessels Dropdown

GasLog Ltd.  announced today the closing of the sale of two modern liquefied natural gas (“LNG”) carriers, the Methane Jane Elizabeth and Methane Rita Andrea,

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Navigation Pipelines Pod Propulsion Port Authority Ship Repair Shipbuilding / Vessel Construction Sonar
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: 0.1967 sec (5 req/sec)