First Wave Marine Secures Financing

Tuesday, February 05, 2002
First Wave Marine, Inc. announced that its Plan of Reorganization was confirmed by the U.S. Bankruptcy Court for the Southern District of Texas. In connection with the confirmation, First Wave announced that the company’s current senior secured lender has agreed to provide the company with a post-confirmation $10 million revolving line of credit and an $8 million term loan. The company estimates that it will conclude its post-confirmation financing and emerge from bankruptcy on or about January 31. The new credit facility, combined with the exchange of all of First Wave's $90 million of Senior Notes for 96.7 percent of the common stock of the company, dramatically improves the Company’s balance sheet, financial strength and competitiveness. First Wave President Grady Walker said, “Confirmation of this Plan represents the achievement of our goal to successfully restructure the Company. We are very grateful for the loyalty and support of our customers, employees, vendors, and lenders during our restructuring. This support made it possible for us to maintain our excellent vendor network, to keep our employees working, and to continue to provide the same high quality and uninterrupted service our customers expect from us. As a result, we are emerging poised and ready to exploit our new financial strength to better serve the evolving needs of our customers."

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