FGH Offshore Asset Sale Final

Friday, January 31, 2003
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 Unsecured Creditors Committee for their efforts," said T. Jay Collins, FGH Chairman and CEO. Now that the sale of the offshore assets is complete, Friede Goldman Halter intends to concentrate on promulgation of its plan of reorganization. The Company expects to file its plan early in the first quarter of 2003. As previously reported, the company does not expect that existing equity security holders will receive any recovery under the plan. ACON's new company will operate its acquired assets in Pascagoula, Mississippi and Port Arthur, Texas under the name of Signal International, LLC (Signal). Signal will provide new construction, upgrade and repair of all types of offshore drilling rigs, floating production units, and inland and offshore drilling and derrick barges. The Signal International management team is headed by Dick Marler, President and CEO. It also includes Ron Schnoor, who will be President of Signal's Mississippi operations, and John Haley, who will serve as President of Signal's Texas operations. Additionally, Robert Shepherd is named as Executive Vice President for Business Operations and Chris Cunningham will serve as Chief Financial Officer.
Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

New Company Takes Over OW Tanker

OW Tanker, a unit of bankrupt OW Bunker and owner of its marine fuel supply ships, has been taken over by a newly-created company, the fleet manager told Reuters on Wednesday.

WRRDA: Clearing the Channel for P3 Projects

A Creative Combination for Financing Inland Waterways Infrastructure Earlier this year, the U.S. maritime industry in general, and the inland waterways industry in particular,

Choosing the Best Financing Proposal

It isn’t always about the rate. In a robust boatbuilding market – like the one we see now – even the most successful, financially stable operators need to borrow.

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Offshore Oil Pipelines Salvage Ship Electronics Ship Repair Ship Simulators
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2029 sec (5 req/sec)