Hvide Marine Announces Voluntary Chapter 11 Filing

Thursday, September 09, 1999
Hvide Marine Inc. has submitted a voluntary Chapter 11 filing in the U.S. Bankruptcy Court in Delaware. This filing allows Hvide to operate its businesses in a regular fashion under court protection with adequate funding, while it continues discussions with representatives of specific major creditors and others on a restructuring plan that would deleverage its balance sheet, restore liquidity and enhance its competitive ability in the marketplace. To ensure liquidity throughout this period of reorganization, the Company has secured a new $60 million debtor-in-possession (DIP) credit facility from its current bank syndicate, led by Citibank and BankBoston. Upon completion of this restructuring program, the Company expects to break off from Chapter 11 later this year or in early 2000.
Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

TOTE Finalizes Charter for LNG Containerships

World’s first LNG powered containerships to serve Puerto Rico TOTE, Inc. announced an agreement today between its operating companies TOTE Shipholdings Inc.

Hamburg Süd Opens Office in India

Hamburg Süd announced the opening of an office in Gandhidham, India, on October 1, 2014. It is the second branch office in the state of Gujarat. Hamburg Süd already has three offices in Mumbai,

GAC Marine Logistics Shifts Central Office to Singapore

In a move that brings it closer to key Asian markets, ship spares logistics specialist GAC Marine Logistics (GML) has relocated its head office to Singapore. The

Tanker Trends

Oil Traders Say OPEC May Be Heading for Price War

Saudi Arabia's decision to slash the official selling price for its oil has sparked trader talk of an emerging OPEC price cutting war, as members of the producer

MOL, Osaka Gas’s Newbuild LNG Carrier Named

Mitsui O.S.K. Lines, Ltd. (MOL) announced that a naming ceremony for the LNG Venus, a newbuilding liquefied natural gas (LNG) carrier, was held at the Nagasaki Shipyard of Mitsubishi Heavy Industries,

Frontline & TI form new VLCC Company

Frontline Management (Bermuda) Ltd. and Tankers International LLC (TI) today announced the formation of a new company, VLCC Chartering Ltd ('the Company').

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Offshore Oil Pipelines Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction
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: 0.3451 sec (3 req/sec)