Friede Goldman Halter, Inc. on April 25 closed the previously announced sale of the company's AmClyde Division located in St. Paul, Minnesota
, for approximately $36 million (USD) to Hydralift ASA
, a Norwegian company.
"This is an important step," said Jack Stone, President and Chief Executive Officer of Friede Goldman Halter. "The completion of this transaction provides a major portion of the liquidity necessary to accomplish the financial restructuring. The Company continues to move toward Court approval of its Plan of Reorganization. The officers and employees of the AmClyde division did an exemplary job of working with their customers during the bankruptcy and are joining another market leader."