Hvide Marine Confirmation Expected
Thursday, December 09, 1999
Hvide Marine Inc. stated that the U.S. Bankruptcy Court for the District of Delaware is expected to confirm the plan of reorganization proposed by the company in its Chapter 11 case on December 9. By that time, the company expects to resolve various components of its $300 million exit financing, enabling its emergence from its Chapter 11 status.
A recent hearing demonstrated the objections filed with respect to the plan, which were overruled and resolved, and the company showed that, except for the exit financing, all the requirements for confirmation had been satisfied.