Frank R Pierce News

FirstWave/Newpark Adds To Senior Management Staff Joining FirstWave/Newpark is Frank R. Pierce as corporate vice president and CFO, along with Tom Godfrey in the newly created position of vice president, ship repair. Pierce joins FirstWave with more than 20 years experience, most recently at GulfMark Offshore, a publicly held offshore vessel company. Godfrey, who has held many senior level positions in the industry, comes to FirstWave from Colonna's Shipyard where he was president & CEO.

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.