To: Robert Floyd who wrote (46753 ) 7/9/1999 10:53:00 AM From: Razorbak Respond to
Hvide Marine (NASDAQ:HMAR) 8-K, 7/9/99HVIDE MARINE INC has filed a Form 8-K with the United States Securities and Exchange Commission.freeedgar.com ;HMI Finance Co. ("HMI"), a limited-purpose corporation, intends to make a private offering of First Priority Senior Secured Notes due 2004 and Second Priority Senior Secured Discount Notes due 2004. If the offering is successfully completed, HMI will use the proceeds to purchase the Registrant's outstanding indebtedness under its bank credit facility, which will be amended to reflect generally the terms of such notes. The following discussion summarizes the events leading to the offering, the purpose of the offering and other matters relating to the Registrant's lack of liquidity. The Registrant believes that the amendments to its bank credit facility contemplated by the private offering, together with the plan outlined above, will better position the Registrant to meet its near-term cash requirements. However, because various factors, including conditions in the offshore energy support industry, general economic conditions and the cooperation of third parties, are beyond the Registrant's control, there can be no assurance that these measures will succeed in remedying the Registrant's lack of liquidity. If the Registrant is unable to meet its cash requirements, it will likely be required to seek protection from its creditors under applicable bankruptcy laws. datek.com
