Friede Goldman Halter announced
that it and several of its affiliates have signed a letter of intent with Pegasus Partners II and affiliated entities for Pegasus to loan $100 million in the form of a senior secured note with a three-year maturity. In connection with the proposed transaction, the company will issue Pegasus warrants to purchase the company's common stock
The recommended transaction is subject to the negotiation and execution of a definitive agreement
and the satisfactory completion of due diligence by Pegasus.