Hvide Marine Files Voluntary Chapter 11

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. The company expects to break off from Chapter 11 later this year or in early 2000.