Freshly Minted – November 18, 1999

Quote of Note

Richard du Moulin at the Connecticut Maritime Association monthly luncheon,” Something is wrong when the sole source of profits in shipping is from financial institutions losing money.”

HIGH YIELD

HVIDE

Market sources indicate that Deutsche Bank Securities has emerged as restructuring advisor in the Hvide Marine bankruptcy. While we have no details on Deutsche’s role, we imagine they will provide exit financing to take out the $60 million debtor in possession facility provided by BankBoston and Citibank. It looks as though holders of the bank debt will get out whole and bondholders will receive 97% of the equity in the newco. With oil prices

soaring and E&P budgets more promising, Hvide bondholders might actually make money at the end of the day. Imagine that.

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