First Wave Marine, Inc. announced that it has closed into a new senior credit facility with Foothill Capital Corporation
. The consummation of the financing allowed First Wave to execute its Plan of Reorganization which was confirmed on January 16th and conclude its Chapter 11 case in the U.S. Bankruptcy Court for the Southern District of Texas
. The new credit facility provides for a $10 million revolving line of credit and an $8 million term loan.
First Wave President Grady Walker said, “With the restructuring behind us, First Wave can now focus all its energies on the business. We have the best people in the industry and world-class facilities, and with our much-improved financial structure First Wave is poised for profitable growth."