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.