SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 31, 2000
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HVIDE MARINE INCORPORATED
(Exact name of registrant as specified in its charter)
Delaware 0-28732 65-0966399
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(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification No.)
incorporation)
2200 Eller Drive, P.O. Box 13038, Fort Lauderdale, Florida 33316
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 954.524.4200
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Item 5. Other Events.
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(a) On January 21, 2000, Hvide Marine Incorporated, a Delaware
corporation (the "Company") announced the distribution of 10,000,000 shares of
its Common Stock (the "Common Stock") and 250,000 of its Class A Warrants to
purchase Common Stock ("the Warrants"), in accordance with the Plan of
Reorganization of its predecessor, Hvide Marine Incorporated, a Florida
corporation, which became effective on December 15, 1999. In its announcement,
the Company stated that the distributions were being completed on January 21,
2000 and that trading in the Common Stock and Warrants was expected to commence
on January 24, 2000 on the Over-the-Counter Bulletin Board under the symbols
HVDM for the Common Stock and HVDMW for the Warrants.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
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The following is being filed as an exhibit to this Report:
99.1 Hvide Marine Incorporated announcement dated January 21, 2000.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed by the undersigned
thereunto duly authorized.
HVIDE MARINE INCORPORATED
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(Registrant)
By s/Robert B. Lamm
Robert B. Lamm
Senior Vice President,
General Counsel and Secretary
Dated: January 31, 2000
Contact: Jack O'Connell (Corporate Communications and Investor Relations),
954/524-4200, x224
HVIDE MARINE ANNOUNCES DISTRIBUTION OF NEW STOCK AND WARRANTS;
TRADING TO BEGIN ON MONDAY
Fort Lauderdale, FL, January 21, 2000 - Hvide Marine Incorporated (OTCBB:
HVDM) today 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. The distributions are
being completed today, and trading in the new stock and warrants will commence
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 3/8% Senior Notes are receiving 9,800,000
shares of new common stock, or approximately 32.67 shares per $1,000 principal
amount; holders of the former Trust Convertible Preferred Securities are
receiving 200,000 shares of new common stock and 125,000 warrants, or
approximately one share of the new stock for every 11.5 convertible shares, and
one warrant for every 18.4 convertible shares; and holders of the old common
stock are receiving 125,000 warrants, or one warrant for every 124 shares
previously owned. The warrants are (more) exercisable at $38.49 per share and
have a term of four years. Fractional shares and warrants will be rounded up or
down to the nearest whole number, with half shares and warrants (or less) being
rounded down and fractions in excess of half a share or warrant being rounded
up. The transfer agent for the new common stock is ChaseMellon Shareholder
Services; the warrant agent is State Street Bank & Trust Company. With a fleet
of 274 vessels, Hvide Marine is one of the world's leading providers of marine
support and transportation services, primarily to the energy and chemical
industries. Visit Hvide on the Web at www.hvide.com.
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