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Goldman Halter

Friede Goldman Halter Withdraws Junk Bond Sale

Friede Goldman Halter Inc. has shelved a junk bond sale expected to total $150 million because it wouldn't pay the high yields investors demanded. The company said it is evaluating alternative financing strategies. Friede Goldman Halter had been expected to privately sell seven-year senior secured notes with a yield of about 12 percent, market sources said. RBC Dominion Securities Inc. was arranging the sale, which was originally expected to be completed last week. The company withdrew its bond sale in an environment where investors have favored higher-rated junk bonds, which are considered the safest, and large bond sales, which are considered the most liquid. Smaller bond issuers have often been forced this year to push yields to 12 percent or higher and sweeten sales with stock warrants, or cancel sales altogether. Junk bonds, also known as high-yield bonds, yield more than higher-rated bonds in order to compensate investors for added risk.


FGL Sold to United Heavy Machinery

United Heavy B.V., a division of United Heavy Machinery, has purchased the Naval Architecture and Marine Engineering business unit Friede & Goldman Ltd. (FGL) from Friede Goldman Halter, Inc. for a sum of $15 million. “We are pleased with the outcome of this auction,” said Jack Stone, president and CEO of Friede Goldman Halter. “The competitive bidding for FGL shows the level of confidence the marketplace has in the products and services offered by Friede & Goldman Ltd. and in its future


FGH’s Convertible Note Interest Payment Status

Friede Goldman Halter, Inc. announced that it has not made the semi-annual interest payment on its outstanding 4 1/2% convertible subordinated notes due 2004. The company plans to make this interest payment within the 30-day grace period provided under the indenture relating to the notes. Friede Goldman Halter is a world leader in the design and manufacture of equipment for the maritime and offshore energy industries


Ocean Rig Commences Arbitration Against FGH

Friede Goldman Halter, Inc. announced today that Ocean Rig ASA has commenced arbitration proceedings in London against Friede Goldman Halter, Inc., and Friede Goldman Offshore, Inc., under the Completion Contracts, as amended, for the outfitting of Ocean Rig’s two Bingo 9000 semi-submersible drilling rigs. Separately, FGH announced that it has been advised by its lenders under its $110 million credit facility that the company has violated certain of the covenants in the loan agreement


J.L. Holloway Resigns as Chairman of FGH

Friede Goldman Halter, Inc. announced today that J.L. Holloway has resigned from the company's Board of Directors. Holloway, 57, has been the Chairman of the Board since April 1997. He served as the Chief Executive Officer and President of Friede Goldman Offshore, Inc. (formerly HAM Marine, Inc.) from its formation in 1982 until April 1997. "The Board has accepted J.L.'s resignation and is grateful for the many years of service he has given to Friede Goldman Halter and its predecessors


FGH Delivers Harbor Tug

Halter Marine, Inc., the vessel segment of Friede Goldman Halter, Inc., announced the delivery of its newly designed 98-ft. harbor tug, the Lynn Marie. The 6,000-hp Azimuthing Stern Drive (ASD) is based on a design developed by Halter and Foss Marine. Primary tug operations of the Lynn Marie will include ship docking and towing.


FGH To Reorganize Offshore and Marine Segments

Friede Goldman Halter, Inc. (FGH) announced today the debtor’s decision to file a joint plan to reorganize Friede Goldman Offshore (FGO) and Halter Marine, Inc. (HMI) under Chapter 11 of the Bankruptcy code. The Debtors and the Official Unsecured Creditors Committee are supporting this reorganization. The Restructuring Committee of the Board of Directors, after extensive review of options, will pursue the internal reorganization of the Offshore and Marine segments which is believed to be in


FGH Delivers High Tech Vessel To Navy

Friede Goldman Halter (FGH) held the christening ceremony of USNS Impeccable on November 1 at its Pascagoula, MS shipyard. The vessel's mission will involve the collection, processing and transmission of acoustic data in support of the Integrated Undersea Surveillance Systems (IUSS) mission requirements. Boasting a unique hull form, the 282-ft. (85.9 m) vessel will be operated by the Military Sealift Command (MSC) - utilizing both civilian and naval personnel


FGH Offshore Asset Sale Final

Friede Goldman Halter, Inc. (FGH) has completed the previous announced sale of substantially all of the assets of its offshore division to ACON Offshore Partners LP and its affiliates (ACON), a Delaware limited partnership. The sale was finalized for a purchase price of approximately $61 million (USD), consisting of cash and the assumption of secured debt. "We are pleased with the outcome in closing this transaction and we commend the Restructuring Committee of the Board of Directors and the


ABS Will Class Egyptian Navy Fast Missile Patrol Craft

ABS has been selected as the classification society for the four Ambassador MK III Fast Missile Patrol Craft being built for the Egyptian Navy at Halter Marine Inc., a subsidiary of Friede Goldman Halter. The vessels are a continuation of the Egyptian Navy's Ambassador Class Patrol Craft fleet. The Ambassador MK III is a state-of-the-art Patrol Craft designed for the 21st century. The vessel will be 199 ft. (60.6 m) and will feature a state-of-the-art diesel propulsion system


Roberts Re-Elected NSRP Panel Vice Chair

Photo courtesy ShipConstructor

Patrick Roberts, Director of Operations for ShipConstructor USA, has been re-elected Vice Chairman of the Business Process Technologies Panel for the United States National Shipbuilding Research Program (NSRP). The upcoming year will be Roberts’ second year in the role of Vice Chairman.


VT Halter Marine, New CEO & COO

William-E.Skinner,-CEO_web.jpg

VT Halter Marine Inc., a company of VT Systems Inc (VT Systems), announced the appointment of William (Bill) E. Skinner as Chief Executive Officer (CEO) and Paul J. Albert as Chief Operating Officer (COO). Skinner, who has been with the company since inception, was appointed CEO on 21 April, 2009


Feature:Oscar Dyson Launches New Era at NOAA

By Larry Pearson With the launching and first of the year completion of the 208-ft. vessel Oscar Dyson, a new era has also been launched at the National Oceanic and Atmospheric Administration (NOAA). Typically the recipients of hand-me-down vessels from other services, the $39


Feature: The Jewel of the Industrial Canal

By Larry Pearson The Industrial Canal in New Orleans is aptly named. Connecting a tributary of Mississippi River with Lake Pontchartrain, it is much like a boulevard of broken dreams. Remnants of old shipyards, coffee-roasting facilities operating at half capacity and areas where the oil


Feature: VT Halter Marine A Shipbuilding Company Reborn

Boyd E. "Butch" King is a man on a mission. The new CEO of VT Halter Marine, Inc. is rebuilding the shipbuilding company one contract at a time. "Our goal is to reestablish VT Halter Marine's world-wide reputation as a builder of midsize commercial and military vessels


FGH Anticipates Sale Completion

Friede Goldman Halter, Inc. announced that the purchaser has completed financing arrangements for the sale of its Friede Goldman Offshore division based in Pascagoula, Mississippi. On November 15, Friede Goldman Halter, Inc. (FGH) entered into a definitive contract to sell the assets of its


FGH Contracts to Sell Friede Goldman Offshore

Friede Goldman Halter, Inc. has completed the previously announced auction of its Friede Goldman Offshore division and has entered into a contract to sell the assets to ACON Offshore Partners LLP, a Delaware limited partnership, for approximately $61 million


Raj: Halter is Back

Anil Raj, president and COO of Halter Marine, in many ways embodies the company for which he has worked for the last 15 years. Joining as the Director, Engineering, Production Controls and Procurement in 1987, Raj has relied on a solid technical foundation


Christenings & Deliveries

Trico Takes Delivery on New PSV Trico Marine Services, Inc., has taken delivery on the Northern Canyon, a 279-ft. UT 745 design platform supply vessel (PSV). The state-of-the-art vessel is designed to serve deepwater markets worldwide. Built in Norway


ST Engg to Acquire FGH Shipbuilding Facilities

Singapore Technologies Engineering Ltd (ST Engg), through its U.S. arm, Vision Technologies Kinetics Inc (VT Kinetics), has made a successful bid for the assets of Halter Marine, the shipbuilding arm of US-based Friede Goldman Halter Inc (FGH)


Halter Marine Auction Continues

Friede Goldman Halter, Inc., has continued the auction process related to the Halter business unit, originally scheduled to commence on July 16th, to the morning of July 23rd. On the afternoon of July 23rd, a hearing will take place on the sale of the Halter unit to the successful bidder as


Halter Lays Keel for U.S. Army’s Newest ELSV

HMI, a division of Friede Goldman Halter, Inc. laid the keel of the U.S. Army’s Tank and Automotive Command (TACOM) new Enhanced Logistic Vessel (ELSV). The vessel will support TACOM logistical efforts on a worldwide basis. The completed vessels will be 314 ft. long, have a 60 ft


Milestones for the Sale of Halter Marine Established

Friede Goldman Halter, Inc. (FGH) received milestone dates from the U.S Bankruptcy Court regarding the sale of Halter Marine. The Court auction date has been set for July 16th 2002 with the sale hearing to take place on July 23rd 2002. A copy of the procedures for participating in the auction is


Bollinger to Acquire Halter Marine

In what amounts to what would be an amazing turn of fortune over a number of years, Bollinger Shipyards, Inc., Lockport, La., has signed a contract, pursuant to approval of the U.S. Bankruptcy Court, to acquire the assets and operations of Halter Marine from Friede Goldman Halter, Inc


Halter Marine Starts $38.3 Million Project

Halter Marine, Inc, a subsidiary of Friede Goldman Halter, has started construction of NOAA’s (National Oceanographic and Atmospheric Administration) newest vessel the M/V Oscar Dyson. The vessel is scheduled for delivery in 36 months at a price of $38.3 million


 
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