FGH Submits Reorganization Plan

Monday, March 25, 2002
Friede Goldman Halter, Inc. that it has submitted its plan for reorganization to the United States Bankruptcy Court. Friede Goldman Halter has worked closely with its unsecured creditors to develop this plan. The plan calls for the reorganization of Friede Goldman Offshore and Halter Marine and anticipates that the previously announced sale of AmClyde and Friede & Goldman, Ltd. (a naval-architecture and marine-engineering firm specializing in offshore rig design) will be finalized. As Friede Goldman Halter emerges from Chapter 11 the resulting independent business units, and their management, are looking forward to increased interest from their loyal customer base. The companies’ management is encouraged about the reorganized and recapitalized companies and expects the companies to increase their market share. The approved plan anticipates the unsecured creditors will receive a majority of the ownership of the reorganized Friede Goldman Offshore and the reorganized Halter Marine. The plan provides no recovery for the current equity security holders of the company.
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