HVIDE MARINE FILES FOR CHAPTER 11 BANKRUPTCY PROTECTION
Hvide Marine Inc. has filed for Chapter 11 bankruptcy protection in the
U.S. Bankruptcy Court in Deleware.
The filing allows the Fort Lauderdale, Fla.-based company to conduct
business and continue to negotiate with its major creditors and others on a restructuring
plan.
The company has secured a new $60-million, debtor-in-possession credit
facility from its current bank syndicate, led by Citibank N.A. and
BankBoston. Hvide Marine anticipates completing its restructuring and
emerging from Chapter 11 in late 1999 or early 2000.
Hvide Marine, which operates oilfield support vessels, in addition to
offshore and harbor towing and petrochemical transportation, reported a
second-quarter loss of $23.7 million. The company said the loss is due
largely to a "prolonged drought in offshore drilling activity."