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.”

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