First Wave Emerges from Chapter 11
In a development which could be seen as a positive one for the business of building boats in the U.S., First Wave Marine, Inc. said that its Plan of Reorganization was confirmed by the U.S. Bankruptcy Court for the Southern District of Texas. In addition, the company's current senior secured lender agreed to provide the First Wave with a post-confirmation $10 million revolving line of credit and an $8 million term loan. First Wave estimates that it will conclude its post-confirmation financing and emerge from bankruptcy on or about January 31. The new credit facility, combined with the exchange of all of First Wave's $90 million of Senior Notes for 96.7% of the common stock of the Company, dramatically improves the Company's balance sheet, financial strength and competitiveness.
First Wave Marine Secures Financing
First Wave Marine, Inc. announced that its Plan of Reorganization was confirmed by the U.S. Bankruptcy Court for the Southern District of Texas. In connection with the confirmation, First Wave announced that the company’s current senior secured lender has agreed to provide the company with a post-confirmation $10 million revolving line of credit and an $8 million term loan. The company estimates that it will conclude its post-confirmation financing and emerge from bankruptcy on or about January 31. The new credit facility, combined with the exchange of all of First Wave's $90 million of Senior Notes for 96.7 percent of the common stock of the company, dramatically improves the Company’s balance sheet, financial strength and competitiveness.
