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

Contracts

Sea IT, Veritas Tankers Ink Long-term Software Deal

Sea IT has entered a long term ICT agreement with Veritas Tankers. The agreement comprises installation of BlueCORE Generation 4, an ICT platform specifically developed for the marine industry,

Interior Facelift for Queen Mary 2

Cunard’s luxurious flagship, the iconic 2,620 passenger ocean liner Queen Mary 2, will undergo an interior refit at the hands of McCue Marine during a 25-day multimillion-pound

Chemical Shipping Freight Rates to Remain Under Pressure

On the back of low bunker prices and more new buildings to be delivered in 2016, chemical shipping freight rates for both contracts of affreightment and spot cargoes

 
 
Maritime Careers / Shipboard Positions Maritime Security Offshore Oil Pipelines Port Authority Salvage Ship Electronics Ship Repair Ship Simulators Sonar
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: 0.0691 sec (14 req/sec)