Trust Convertible Preferred Securities News

Hvide Marine Incorporated announced a voluntary Chapter 11 filing in the U.S. Bankruptcy Court in Delaware. The filing allows the company to operate its businesses in the normal fashion under court protection, and with adequate funding, while it continues discussions with representatives of certain major creditors and others on a restructuring plan that would deleverage its balance sheet, restore liquidity, and enhance its competitive ability in the marketplace. Hvide Marine anticipates it will complete its restructuring and emerge from Chapter 11 in late 1999 or early 2000. The company is in active discussions concerning a proposed restructuring plan under which its general and trade creditors would be paid in full…

Hvide Marine, Inc. has filed a proposed Plan of Reorganization that, if confirmed, would deleverage its balance sheet, restore liquidity and enhance the Company's competitive position in the marketplace. The Plan is a result from discussions with the Official Committee of Unsecured Creditors appointed in Hvide's Chapter 11 case, including representatives of the holders of about 63 percent of the company's $300 million of 8 3/8 percent senior notes would exchange their Senior Notes for 9,800,000 shares of common stock of the reorganized Hvide Marine, representing 98 percent of the new common equity. Holders of the Trust Convertible Preferred Securities would receive 200…

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.

Hvide Marine Incorporated has filed a proposed Plan of Reorganization, which - if confirmed - would deleverage its balance sheet, restore liquidity, and enhance the company's competitive position in the marketplace. The plan results from discussions with the Official Committee of Unsecured Creditors appointed in Hvide's Chapter 11 case, including representatives of the holders of approximately 63 percent of Hvide Marine's $300 million of 8.375 percent Senior Notes and nearly 50 percent of its outstanding Trust Convertible Preferred Securities. Under the plan, holders of the company's 8.375 percent Senior Notes would exchange their Senior Notes for 9…

Hvide Marine Incorporated announced the distribution of 10,000,000 shares of New HMI Common Stock and 250,000 Class A Warrants in accordance with its Plan of Reorganization, which became effective December 15, 1999. Trading in the new stock and warrants commenced Monday, January 24, on the Over-the-Counter Bulletin Board under the symbols HVDM for the stock and HVDMW for the warrants. Under the terms of the distribution, holders of Hvide's former securities are not required to surrender those securities. As previously announced under the Plan of Reorganization, holders of the company's former 8.375 percent Senior Notes are receiving 9…