Page 107: of Maritime Reporter Magazine (November 1999)

olden Ocean Reaches greement With Bond Holders After one year of negotiations ;tween Golden Ocean Group, its finan-al advisor Chase Securities and Hold-rs of its Senior Notes, chairman Fred "heng and president Robert Knutzen nnounced that an agreement was eached on securing the company's inancial future. The negotiations with Bond holders have resulted in a pro-posed plan of reorganization of Golden Ocean Group bond debt, which extends the life of the bonds and reduces the face value. Bond holders will also be granted 90 percent of the significant economic equity with Cheng and the management team retaining voting control in the restructured company. The management team, led by Cheng and Knutzen, con-tinues to manage the company on a day-to-day basis. A new corporate board was also established. Global Industries Names New President And COO Global Industries has elected Edgar G. Hotard as pres-ident and COO, effective Septem-ber 20. Hotard, who previously served as president and COO of Prax-air until his retirement last year, will continue to be a member of the Board of Directors of Global in addition to his current position. Robert L. Patrick, who is currently serving as West Africa area manager, will assume responsibili-ties for Global's existing international operations, replacing Clay Etheridge. 3M Simplifies Effective Marine Firestopping 3M has intro-duced a new fire protection materi-al for cable pene-trations in ship-board bulkheads and decks that is designed to sim-plify handling and reduce installation labor - 3M Marine Fire Wrap. Maintaining the integrity of fire-rated structures for up to an A60 (IMO) and H60 (UL) rating, this new cable firestop material has also been classified by the U.S. Coast Guard for its watertight reliability. The flexible, graphite-based intumes-cant product expands up to 25 times in thickness under the heat of fire, allow-November, 1999 ing the wrap to effectively fill in the voids around and between cable bun-dles. When expanded, the fire wrap forms an effective thermal insulator and with an approved sealant, closes open-ings to hinder the spread of deadly smoke. Circle 14 on Reader Service Card Argosy Cruises, Consolidated Restaurants Partner Argosy Cruises and Consolidated Restaurants have joined together in an equity partnership in the development of Argosy Cruises' new dinner cruise ship concept. The ship, which is estimated to cost approximately $8 million, will be owned and operated by both companies. Scheduled for a May 2000 launching, the vessel is modeled after the Sydney 2000 vessel in Australia, and is the first of its kind in the U.S. It measures 180 ft. (54.8 m) and features many amenities and a seating capacity of 600. Calhoon Meba Engineering School Providing State-Of-The-Art training to the Marine Engineers and Deck Officers of the Marine Engineers Beneficial Association Containerships * Ro Ro's * Bulk Carriers * Car Carriers * Chemical /Oil /LNG T\igs * Fireboats * Ferries * Special Purpose Vessels MEBA Marine Officers Dedicated to Pride, Excellence and Service for 125 Years Over 25 Courses including: STCW, Steam/Diesel/ Gas Turbine Propulsion Tankship Safety, Electronics, GMDSS, Instrumentation, PLC's 27050 St. Michaels Road Easton, Maryland 21601-7550 (410) 822-9600 Fax: (410) 822-7220 Web Site: www.calhoonmeba.com Email: [email protected] Peter Hammond, Director Come see us at Workboat, Booth #220 I I Circle 221 on Reader Service Card | Baltic Sj pares Service Ltd. | Barnacle, Paint, and Rust Remover Rapidly remove paint, rust, scale, barnacles, and other hard coatings from metal and concrete surfaces without heavy pressure. New Swirl-Off scarifier attaches to your grinder, sander, drill, or polisher. Rotary tool scours tough deposits. Using pneumatic tools, it removes marine growths underwater. Easier, faster, and safer than scraping, sandblasting, or chemicals. There's nothing else like it! Ask for Bulletin MAR-1 showing many models and styles. ID 1= £51VI CD IM ID. The Desmond-Stephan Mfg. Co., P.O. Box 30, Urbana, Ohio43078 Phone 937-653-7181, Fax 937-653-5511 Circle 233 on Reader Service Card 8 Astronomow Street 80-299 Gdansk, Poland Phone:(+48 58) 554 55 86 Fax: (+48 58) 554 55 85 http: //www.bss.pl email: [email protected] We are one of the biggest Polish suppliers of ship spare parts and equipment for vessels which are being built and repaired in Polish shipyards. We have long standing relations with all major producers of ship equipment in Poland. We can offer either from our own stock or directly from a producer of spare parts for main and auxiliary engines of Sulzer and Burmeister & Wain. We supply, among others, the following spare parts and complete ship equipment: -pumps of various types -compressors and turbochargers -electrical and electronic systems -hydraulic devices -centrifugal separators and filtrating devices -ship coolers, condensers and evaporators -cranes, ship lifts and winches -anchors and chains We run a bonded warehouse of valves and their spare parts produced by HOERBIGER - Vienna, thermometers from SIKA - Kaufungen and turbochargers with their spare parts from PBS - Velka Bites. Cooperation with us safeguards fast and high quality-services indispensable for effective ship operation. Circle 227 on Reader Service Card 109 0 0 w_Ba