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 Today


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

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

Contracts

Asia Dry Bulk-Capesize Rates Under Pressure

Capesize rates fall in a quiet market as holidays weigh; 20 charter-free capesize ships could add to downward trend. Freight rates for large capesize dry cargo

Egypt to receive first LNG shipment from Rosneft in May

Egypt will receive the first of five agreed shipments of liquefied natural gas (LNG) from Russia's Rosneft this month, an official at the state gas board EGAS told Reuters on Thursday.

DNV GL 7 JIPs in North America

In a concerted drive to find smart solutions to safely reduce complexities and cost in the North American oil and gas industry, DNV GL is leading seven new joint

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Navigation Offshore Oil Pipelines Salvage 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: 0.0696 sec (14 req/sec)