Halter Marine Auction Continues

Thursday, July 18, 2002
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 determined at the auction. This revised process keeps the sale of Halter on schedule and the original timeline remains valid with the closing expected to take place in mid-August. "This process of ensuring all bids for a company the size of Halter are compliant and balanced is complicated," said Jack Stone, Principal, Glass & Associates, Inc. and Chief Restructuring Advisor to FGH. "To make sure the auction is fair and equitable to all parties, we will take the time needed to ensure the final action is quick and the successful bid is accepted."

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