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Seneca Financial Group, Inc., a Greenwich, Connecticut based merchant bank, has been retained by Hvide Marine Inc. as Hvide's financial advisor to develop a plan to improve the marine transport company's liquidity and to explore potential asset divestitures and restructuring alternatives. Hvide Marine is an international marine support and transportation services company that is headquartered in Fort Lauderdale, Florida. Hvide Marine's fleet of nearly 300 vessels services primarily the energy and chemicals industries and operates in the Middle East, Southeast Asia, the US, the Gulf of Mexico and West Africa. The Company, through its operating subsidiaries, transports crews and supplies to offshore oilrigs, maintains tug and towing operations and transports petroleum products and specialty chemicals by tanker. We are pleased to announce that Hvide Marine Incorporated has become the first U.S. flagged shipping company to emerge from Chapter 11 bankruptcy following the successful restructuring of approximately $690 million of consolidated debt and preferred securities. Hvide Marine is one of the world's leading providers of marine support and transportation services, primarily serving the energy and chemical industries. The Company operates a fleet of 274 vessels, comprised of tankers, tug boats and offshore energy support vessels. Seneca Financial Group acted as Hvide's financial advisor and assisted in selling assets, preparing financial forecasts, creating financial models, preparing cash flow forecasts, analyzing restructuring alternatives, negotiating with secured and unsecured creditors, and obtaining exit financing. Press Release Index |
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