Horizon Offshore Announces Management Changes

Wednesday, September 01, 2004
Horizon Offshore, Inc. named Richard A. Sebastiao of RAS Management Advisors, Inc., a turnaround and management consulting firm, as chief restructuring officer of the company. The company engaged a chief restructuring officer as part of its ongoing negotiations with the holders of its 18% subordinated secured notes, due March 31, 2007. As chief restructuring officer, Mr. Sebastiao will serve as the company's principal executive officer and work with the company's senior management to strengthen the company's financial position and reduce its indebtedness. Bill J. Lam, its Chief Executive Officer and President will continue as President and be responsible for the day-to-day operational activities of the company, while negotiating an amendment to his employment agreement with the company. The amendment is necessary to address certain provisions that would otherwise allow Mr. Lam to terminate his employment and receive severance benefits.

Maritime Today


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

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

People & Company News

Swiber Applies for Judicial Management Instead of Liquidation

Singapore oilfield services company Swiber Holdings Ltd said on Friday it has applied to place itself under judicial management instead of liquidation.   Swiber

Cenac Marine to Christen New Vessel, Donate Barge

A ceremony will be held July 29 at Cenac Marine Services headquarters in, Houma, La. To commemorate the christening of its newest vessel, M/V Quincey Cenac, as

Concordia Maritime Posts Q2 Profit

Facing a “gradually deteriorating market,” Sweden based tanker shipping company Concordia Maritime said it was able to post a profit in Q2 2016 based on high vessel

 
 
Maritime Careers / Shipboard Positions Maritime Standards Navigation Pipelines Port Authority Salvage Ship Electronics Ship Repair Ship Simulators 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: 0.0828 sec (12 req/sec)