FGH To Reorganize Offshore and Marine Segments

Thursday, March 14, 2002
Friede Goldman Halter, Inc. (FGH) announced today the debtor’s decision to file a joint plan to reorganize Friede Goldman Offshore (FGO) and Halter Marine, Inc. (HMI) under Chapter 11 of the Bankruptcy code. The Debtors and the Official Unsecured Creditors Committee are supporting this reorganization. The Restructuring Committee of the Board of Directors, after extensive review of options, will pursue the internal reorganization of the Offshore and Marine segments which is believed to be in the best interests of all parties. Details of the reorganization plan are being finalized and the reorganization plan will be filed with the United States Bankruptcy Court in the near future. Jack Stone, Principal, Glass & Associates, Inc. and Chief Restructuring Advisor to FGH, commented, “This stand alone reorganization effort will result in the emergence of Friede Goldman’s Offshore and Marine business units from Chapter 11 and allow the internal rehabilitation of the two companies to pursue ongoing business interests unimpaired by the bankruptcy processes as separate and distinct entities.”

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter February 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

IBIA Celebrates 23th Annual Dinner

Association appoints new board members and sets priorities for the future   The International Bunker Industry Association (IBIA) has appointed three new members

OSV Delivered to MC2 in Dubai

Marine Core & Charter LLC (MC2) headquartered in Dubai has taken delivery of the new build PETRA-1, the first of two, 45-meter Fast Offshore Support Vessels in

Baltic Index Pauses at Record Low

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, ended flat on Thursday after declining for 12 straight sessions

Finance

Baltic Index Pauses at Record Low

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, ended flat on Thursday after declining for 12 straight sessions

Long Beach Sees Robust Container Growth

The Port of Long Beach kicked off 2016 by logging its seventh straight month of cargo increases, showing a 24.8 percent jump in container shipments over the same month last year.

Maersk Drilling Posts Record Profit

Maersk Drilling delivered the best result ever with a profit of USD 751m (USD 478m) in 2015 generating a ROIC of 9.3% (7.1%). The result was positively impacted

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Offshore Oil Pod Propulsion Ship Repair 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: 0.0938 sec (11 req/sec)