Hvide Marine Emerges From Chapter 11

December 16, 1999

Hvide Marine Incorporated has completed its exit financing arrangements and that its Plan of Reorganization has become effective, thereby marking the company's formal emergence from Chapter 11, 98 days after its initial filing on September 8. "This is a historic day for the Company," said Jean Fitzgerald, Chairman, President and CEO. "We have put Chapter 11 behind us and, in the process, shed more than $430 million in debt and reduced overhead costs substantially. While much has been accomplished, much remains to be done, and we begin our new life with renewed energy and a focus on strengthening relationships with customers and suppliers and returning the company to profitability as quickly as possible." As previously announced, the exit financing facility is being provided by a group of financial institutions led by Deutsche Bank and consists of $200 million in term loans, a $25 million revolving credit facility, and $85.5 million of proceeds from senior secured second lien notes. The proceeds of these borrowings have been used to repay the company's borrowings under its debtor-in-possession credit facility, which totaled approximately $255 million, and will be used to pay administrative and other fees and expenses, and to provide for future working capital requirements.

Hvide Marine Emerges From Chapter 11

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