FGH Announces Extension of Debtor Exclusivity in Bankruptcy Process

Thursday, December 13, 2001
Friede Goldman Halter, Inc. announced that the U.S. Bankruptcy Court has extended the exclusively period for filing of a reorganization plan until February 11, 2002. The primary secured lending group and the Official Unsecured Creditors’ Committee unanimously supported this extension. The restructuring committee of the board of directors has been evaluating expression of interest received from potential strategic and financial parties. These interested parties will conduct final due diligence in the next 30 days, and the restructuring committee expects to make its recommendation prior to February 1, 2002. Both the restructuring committee and the official unsecured creditors’ committee are evaluating all possible alternatives for the company. James Decker, Director, Holihan Lokey Howard & Zukin, the exclusive investment advisor to FGH, said, “Discussions are being conducted with numerous interested parties who are keenly interest in the business units of FGH. We expect spirited competition in the next 30 days as the process narrows down to specific contract negotiations.” Jack Stone, Principal, Glass 7 Associates, Inc. and Chief Restructuring Advisor to FGH, commented, “The business units of FGH continue to realize improvement as the management team focuses on the profitability of the business and proposals to customers. The support of the customers, suppliers and employees has been remarkable and reflects credit on the actions of management.” T. Jay Collins, Chairman of the Restructuring committee of the Board, commented, “ All feasible solutions are being evaluated with the objective of maximizing the value of FGH.”

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

Finance

Baltic Index Rises for Fifth Consecutive Session

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Tuesday for a fifth straight session on stronger demand across all vessel segments.

Singapore Exchange, Baltic Exchange Continue Transaction Talks

Singapore Exchange (SGX) has agreed with the Baltic Exchange Limited (Baltic Exchange) to extend the period of exclusive discussions regarding a cash offer for

Hanjin to Return 38 Vessels Next Year

Hanjin Shipping is planning to return a total of 38 chartered vessels once their contracts end as part of its restructuring efforts, reports the Korea Herald. A

Environmental

Groningen Seaports First in Line for Damen InvaSave

The first production version of Damen’s InvaSave ballast water treatment system – intended for use at Groningen Seaports – will be on display at the upcoming ‘DelfSail’

Charting the Shift of Oceanic Boundary Currents

Global warming results in fundamental changes to important ocean currents. As scientists from the Alfred-Wegener-Institute show in a new study, wind-driven subtropical

Chemical Tanker Runs Aground off Alaska

A 599-foot Norway flagged chemical tanker Champion Ebony ran aground near Nunivak Island, Alaska on June 24.   U.S. Coast Guard Sector Anchorage watchstanders

 
 
Maritime Careers / Shipboard Positions Navigation Pipelines Pod Propulsion Port Authority Ship Electronics Ship Repair Ship Simulators 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: 0.0756 sec (13 req/sec)