Friede Goldman Halter Says No Chapter 11

Thursday, April 05, 2001
Friede Goldman Halter Inc., said on Wednesday it had not filed for bankruptcy protection and was seeking alternatives.

The company's shares plummeted on Tuesday in response to investor concerns about the company's financial fitness. The shares had not recovered by late afternoon Wednesday trading on the New York Stock Exchange, a day after the company canceled a scheduled conference call with investors.

The shares hit a new 52-week low of $.52 before crawling back to last trade at $.83, off 7.7 percent.

An official statement released by the company said, "At this time, the company does not believe a filing is in the best interest of (its) creditors, shareholders, employees, or customers. Viable alternatives are being pursued by the company."

A company spokesman said another conference call with investors might be scheduled for Thursday to offer more details about the company's plans. In scrapping Tuesday's call Friede Goldman had cited a complexity of talks with its financiers and the unavailability of a senior executive to participate in it due to a personal crisis. It's woes stem from cost overruns on a number of oil rigs it is building.

In filing with the Securities Exchange Commission the company said if it could not renegotiate its credit and raise more capital, it may be necessary for it to seek protection under a bankruptcy petition.

Maritime Reporter April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Vigor’s Tacoma Yard Delivers Breasting Barges to Foss

Vigor Industrial expands its newbuild capacity in Washington; Tacoma yard delivers three breasting barges   Fabrication teams at Vigor Industrial’s Tacoma, Wash.

Hands Across the Water

U.S. firms leverage Netherlands-based Damen Shipyard’s vessel designs and technical support. For nearly 40 years, Damen Shipyards Group in the Netherlands has

Icebreakers Ordered for Neft’s Novy Port Project

Aker Arctic’s icebreaker design selected for Gazprom Neft’s Novy Port project   Aker Arctic and Vyborg Shipyard have confirmed a contract for the design of two

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Navigation Offshore Oil Pod Propulsion Ship Electronics Ship Simulators Shipbuilding / Vessel Construction 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: 0.1036 sec (10 req/sec)