Friede Goldman Halter Says No Chapter 11

Thursday, April 05, 2001
Friede Goldman Halter Inc., said on Wednesday it had not filed for bankruptcy protection and was seeking alternatives.

The company's shares plummeted on Tuesday in response to investor concerns about the company's financial fitness. The shares had not recovered by late afternoon Wednesday trading on the New York Stock Exchange, a day after the company canceled a scheduled conference call with investors.

The shares hit a new 52-week low of $.52 before crawling back to last trade at $.83, off 7.7 percent.

An official statement released by the company said, "At this time, the company does not believe a filing is in the best interest of (its) creditors, shareholders, employees, or customers. Viable alternatives are being pursued by the company."

A company spokesman said another conference call with investors might be scheduled for Thursday to offer more details about the company's plans. In scrapping Tuesday's call Friede Goldman had cited a complexity of talks with its financiers and the unavailability of a senior executive to participate in it due to a personal crisis. It's woes stem from cost overruns on a number of oil rigs it is building.

In filing with the Securities Exchange Commission the company said if it could not renegotiate its credit and raise more capital, it may be necessary for it to seek protection under a bankruptcy petition.

Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Vale Profit Falls Amidst Record Output

Brazilian miner Vale SA posted a sharp decline in profit from the previous quarter as lower iron ore prices undermined record production of the steel-making ingredient.

Kurdish Crude Lightered, Destination Unknown

Part of a Kurdish oil cargo has been offloaded from a Greek-managed tanker into another tanker in the South China Sea, but mystery surrounds the identity of the

Asia Dry Bulk Capesize Rates Stay Flat

Rates for capesize bulk carriers on key Asian routes are set to remain in the doldrums next week, staying flat or gaining just a few cents as an oversupply of ships weighs on cargo availability,

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Offshore Oil Pipelines Port Authority Salvage Ship Repair Sonar
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1146 sec (9 req/sec)