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 November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Larger Tankers May Offer Better Return Chances

Investors looking for returns in the tanker markets can invest their capital in a variety of ways. Should an owner invest in a VLCC or an Aframax? How about an

US Plans to Shut Royalty Loophole on Coal Exports

U.S. coal companies will no longer be able to settle royalties at low domestic prices when they make lucrative sales to Asia according to reforms proposed by the Interior Department on Friday.

Hapag-Lloyd Completes CSAV Merger Capital Increase

Hapag-Lloyd completed the planned capital increase of EUR 370 million (approximately $452.5 million) as part of the business combination with the Chilean shipping

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Offshore Oil Pod Propulsion Port Authority Salvage Ship Repair Ship Simulators 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: 0.1107 sec (9 req/sec)