Hvide Marine Emerges From Chapter 11

Thursday, December 16, 1999
Hvide Marine Incorporated has completed its exit financing arrangements and that its Plan of Reorganization has become effective, thereby marking the company's formal emergence from Chapter 11, 98 days after its initial filing on September 8. "This is a historic day for the Company," said Jean Fitzgerald, Chairman, President and CEO. "We have put Chapter 11 behind us and, in the process, shed more than $430 million in debt and reduced overhead costs substantially. While much has been accomplished, much remains to be done, and we begin our new life with renewed energy and a focus on strengthening relationships with customers and suppliers and returning the company to profitability as quickly as possible." As previously announced, the exit financing facility is being provided by a group of financial institutions led by Deutsche Bank and consists of $200 million in term loans, a $25 million revolving credit facility, and $85.5 million of proceeds from senior secured second lien notes. The proceeds of these borrowings have been used to repay the company's borrowings under its debtor-in-possession credit facility, which totaled approximately $255 million, and will be used to pay administrative and other fees and expenses, and to provide for future working capital requirements.
Maritime Reporter August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

G E Shipping delivers “Jag Aakash” to Buyers

The Great Eastern Shipping Company Ltd. (G E Shipping) delivered the new building Kamsarmax Dry Bulk Carrier “Jag Aakash” (81,600 dwt) to the buyers.  The vessel

New Energy-saving Windshield on MOL MARVEL

Mitsui O.S.K. Lines, Ltd. today announced that it has started demonstration tests of a new windshield for containerships, which has the potential to reduce wind resistance,

Taiwan Eyes Budget for New Submarines

Taiwan’s defense ministry seeks financing to expand the country’s submarine fleet, reports Reuters quoting local media reports.   The government has allocated $92.

 
 
Maritime Contracts Naval Architecture Navigation Offshore Oil Pipelines Ship Electronics Ship Repair Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | 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: 0.3351 sec (3 req/sec)