FGH Contracts to Sell Friede Goldman Offshore

Tuesday, November 19, 2002
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. The purchase price consists of $18 million in cash plus the assumption of approximately $43 million in secured debt. The sale is contingent upon the buyer receiving specific refinancing terms from certain existing secured creditors by November 22, 2002 and the receipt by the seller of the buyer's contract deposit on the same date. If these conditions are met, the sale would be presented on December 16, 2002 to the United States Bankruptcy Court for the Southern District of Mississippi, Southern Division, for approval. Once approved, a year-end closing is anticipated, permitting Friede Goldman Offshore to operate under new ownership without the constraints of Chapter 11. Friede Goldman Offshore is the one remaining business unit of Friede Goldman Halter, Inc. The sale of Friede Goldman Offshore is a priority of the Restructuring Committee of the Board of Directors, which is working in concert with the Unsecured Creditors Committee to close this transaction. In the event the sale transaction does not occur or close in a timely manner, the Board of Directors and the Unsecured Creditors Committee intend to include Friede Goldman Offshore in the Plan of Reorganization of Friede Goldman Halter, Inc. Under either scenario, the company believes it is unlikely that there will be any recovery for the equity holders.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Norwegian Unions Say 755 O&G Workers Could Strike

About 755 Norwegian workers on seven oil and gas fields could go on strike from Saturday, hitting output from western Europe's top producer, if a new wage deal is not agreed before a Friday deadline,

POSH Bags Shell FLNG Contract

Singapore’s offshore marine services provider PACC Offshore Services Holdings Ltd. (POSH) has been awarded a contract to support Shell’s Prelude floating liquefied

US Oil Drillers Cut Rigs after 3 Weeks of Additions

U.S. oil drillers cut rigs this week for a 20th week this year after three weeks of additions, according to a closely followed report on Friday, as crude prices

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Navigation Offshore Oil Port Authority Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | 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: 0.0722 sec (14 req/sec)