FGH Anticipates Sale Completion

Tuesday, November 26, 2002
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 Offshore division to ACON Offshore Partners LP, a Delaware limited partnership and an affiliate of ACON Investments, in a transaction valued at approximately $61 million (USD). The sale hearing will take place in the United States Bankruptcy Court for the Southern District of Mississippi, Southern Division, on December 16, 2002. Court approval is expected, with a year-end closing anticipated. "The FGH Restructuring Committee of the Board of Directors has worked diligently in concert with the Unsecured Creditors Committee to secure this transaction," said Jack Stone, principal, Glass & Associates, Inc. and chief restructuring advisor to FGH. "The sale of the Offshore division represents a determined effort by senior management, our loyal employees, customers and suppliers to complete this process." Friede Goldman Halter has been advised by ACON Investments that ACON is an international private equity investment firm, which manages investments in the United States, Europe and Latin America. ACON's partnerships typically include sophisticated institutional investors from the U.S., Europe and Latin America. Among its activities, ACON is affiliated with Texas Pacific Group (TPG). TPG manages over $5.7 billion worldwide. Friede Goldman Halter is further informed that ACON typically utilizes a thematic investment approach to identify investments at times of inflection points and that ACON's investment philosophy is to identify opportunities in industries with attractive dynamics and to pursue those opportunities in partnership with established management teams.
Maritime Reporter April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

BIMCO Welcomes EU Decision on Migrants

BIMCO has stated today that it appreciates the new efforts by EU leaders to reduce increasing reliance on merchant shipping to rescue the growing numbers of

Long Beach, Los Angeles ports host forum to gather input

More than 100 cargo owners, trucking firm leaders, longshore labor, marine terminals and other goods movement industry representatives turned out Wednesday for

Arctic Nations to Fight Climate Change Despite Russia Tensions

The eight Arctic Council nations pledged on Friday to do more to combat climate change that is shrinking the vast frigid region, with countries trying to put

 
 
Maritime Contracts Maritime Standards Naval Architecture Offshore Oil Pod Propulsion Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.2716 sec (4 req/sec)