FGI And Halter Merger Activities On Schedule

Wednesday, October 27, 1999
Friede Goldman International stated that its activities related to its pending merger with Halter Marine Group were progressing on schedule. The company has received commitments from a group of banks led by Wells Fargo and Bank One for a credit facility that will meet the financing needs of the combined company. Response from shareholders of both companies to the proposed merger has been positive based on proxies received through October 25. Transition teams have been meeting in an effort to assure an organized integration of the operations and management of the two companies.

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