United States Bankruptcy Court For The District Of Delaware Of The Disclosure Statement News

Hvide Marine Inc. announced approval by the United States Bankruptcy Court for the District of Delaware of the Disclosure Statement regarding the company's proposed Plan of Reorganization. The Plan, which was filed on Oct. 1 and amended on Nov. 1, has the support of the Official Committee of Unsecured Creditors in Hvide's Chapter 11 case, including representatives of the holders of approximately 63% of Hvide Marine's $300 million of 8 3/8 percent Senior Notes and nearly 50 percent of its outstanding Trust Convertible Preferred Securities. "The decision by the Court allows us to proceed with the solicitation of votes on the Plan of Reorganization," commented Jean Fitzgerald, Chairman, President and CEO.