First Wave Marine Files Reorganization Plan
First Wave Marine, Inc. announced that it has filed with the U.S. Bankruptcy Court for the Southern District of Texas, a Plan of Reorganization in the Company's Chapter 11 proceeding. The filing of the Plan should pave the way for the Company's emergence from bankruptcy in early fall after requisite Bankruptcy Court approvals can be obtained. The Plan calls for an exchange of all of First Wave's 11% Senior Notes for 96.7% of the common stock of the Company which will significantly improve the balance sheet and financial strength of the Company. The Committee of Unsecured Creditors has stated that it will support the Plan. On February 5, First Wave filed for relief under Chapter 11 of Title 11 of the United States Code in the Southern District of Texas.
Expanded and Upgraded
Newpark Shipbuilding has increased its portfolio of businesses from one to six in the past 18 months, but don't expect this Houston-Galveston region company to rest on its laurels. More growth is expected and planned. Newpark Shipbuilding was formed in the early 1990s by Sam and Frank Eakin. The Eakins, with an investment banking background, saw opportunity in the Houston-Galveston area for consolidation amidst the fragmented shipbuilding industry. The Eakin's goal was a strong shipyard network. Less than a decade later, Newpark Shipbuilding has acquired enough yards to constitute what the company refers to as a "shipbuilding network." Altogether, six facilities have been acquired in the Houston-Galveston area, employing more than 1,200 people.
