Fgh News

Continental Underwriters, Ltd. is a national, multiline firm for all types of marine coverage. The firm offers both admitted and non-admitted products in 50 states with affordable, broad terms and conditions for even the most unusual and complex risks. Continental’s 45 years of success ensures that insured’s receive extensive access, and tailor-made coverage from experienced brokers and underwriters. Continental is part of the FGH family of companies. Founded in 1970, CUL is the nation’s largest brown water Marine Insurance underwriting firm.

Continental Underwriters, Ltd. is a national, multiline firm for all types of marine coverage. The firm offers both admitted and non-admitted products in all 50 states, packaged in flexible, competitively priced insurance options with broad terms and conditions for even the most unusual, complex, and hard-to-place risks. Continental’s 45 years of success ensures that insured’s receive extensive access, tailor-made coverage, and a high level of expertise directly from experienced brokers and underwriters. Continental is part of the FGH family of companies.

Fidelis Group Holdings, LLC Launches Master Port Risk Program For The Maritime Industry. Fidelis Group Holdings, LLC (FGH) with its subsidiary company Continental Underwriters, Ltd. (CUL), a National Marine Insurance coverage and service leader, announced today the launch of its new Master Port Risk Program. H. Elder Brown, Jr., President and Chief Executive Officer of FGH commented, "We are consistently pursuing ways of providing insurance solutions to help streamline our client's daily operations. The new Master Port Risk Program is designed to provide Hull and Liability coverage for qualified vessels that are laid up and out of commission for an extended period of time.

Fidelis Group Holdings, LLC (FGH) with its subsidiary company Continental Underwriters, Ltd. announced  the formation of its new ocean cargo division. Doug Fischer and Crystal Prout were named Managing Directors of the division, utilizing the Company's existing national platform. The new Ocean Cargo division will be based out of FGH's Chicago office. H. Elder Brown, Jr., FGH's President and Chief Executive Officer, said in a company statement, "The senior talent of Doug and Crystal bring tremendous expertise to our new Ocean Cargo division.

2235 N. President & CEO: H. Elder Brown, Jr. Continental Underwriters, Ltd. is a national, multiline firm for all types of marine coverages. The firm offers both admitted and non-admitted products in all 50 states, packaged in flexible, competitively priced insurance options with broad terms and conditions for even the most unusual, complex, and hard-to-place risks. Continental’s 44 years of success ensures that insured’s receive extensive access, tailor-made coverage, and a high level of expertise directly from experienced brokers and underwriters.

Fidelis Group Holdings, through its subsidiary company Continental Underwriters, Ltd., a national marine Insurance coverage and service leader, announced today the formation of its new Inland Marine Division. Ed Helfers and Lisa Uzzo named Managing Directors. The new Inland Marine division will be based in the Company's New York office. H. Elder Brown, Jr., FGH's Chairman and Chief Executive Officer, said in a company statement, "We are excited to bring very senior, experienced talent into this new division of the Company.

Fidelis Group Holdings LLC Announces Additional Excess Marine Liability Capacity For The Maritime Industry. Fidelis Group Holdings LLC (FGH) through its subsidiary company Continental Underwriters, Ltd., a leader in providing Marine Insurance coverages and services, announced today details of their new $25,000,000 Excess Marine Liability facility for the maritime industry. The insurer for the program is Houston Casualty Company (NYSE: HCC) rated A+ by A.M. Best. The program is…

Fidelis Group Holdings LLC offers a new US$25-million excess marine liability facility for the maritime industry. Fidelis Group Holdings LLC (FGH) through its subsidiary company Continental Underwriters, Ltd., announce details of their new US$25,000,000 Excess Marine Liability facility for the maritime industry. The insurer for the program is Houston Casualty Company rated A+ by A.M. Best. The program is designed to write excess marine liability insurance including Bumbershoot Liability excess of acceptable underlying insurers. "The addition of this new excess marine liability facility will further expand FGH's marine insurance capabilities by providing to the market responsible excess capacity underwriting with excellent security," explained H. Elder Brown, Jr., President and CEO of FGH.

Friede Goldman Halter, Inc., announced that it plans to retain, subject to Bankruptcy Court approval, the services of Houlihan Lokey Howard & Zukin. Houlihan Lokey Howard & Zukin is an international investment banking firm providing a wide range of services including mergers and acquisitions, financial restructuring, private placements of debt and equity capital, business and securities valuations, financial opinions, litigation support, and merchant banking services. In the last decade Houlihan Lokey Howard & Zukin's financial restructuring professionals have consummated over $30 billion in transactions. FGH will draw upon the firm's diverse industry experience, extensive talent base, and resources to coordinate and execute a successful financial restructuring.

Friede Goldman Halter, Inc., announces that its offshore subsidiary has reached an agreement with Petrodrill IV Ltd. and Petrodrill V Ltd. to advance construction of two Amethyst-class deepwater semisubmersible drilling rigs. Friede Goldman will work at the customer?s direction, and operate on a cost-reimbursable basis with contractually established rates for equipment, personnel, and labor. The agreement is expected to generate greater security and additional employment opportunities for the local workforce. Preliminary estimates place work for this phase of completion at four months for the Company?s Pascagoula, Miss., offshore projects at the east facility on Greenwood Island. The West Bank facility will undergo a restoration and upgrade during the temporary closure.

Norway’s Ocean Rig and Friede Goldman Halter signed an agreement, ending a legal dispute over the building of two drilling rigs that was halted earlier this month. “Work on the rigs, which was suspended briefly by Friede Goldman, causing Ocean Rig to commence arbitration and other legal proceedings against Friede Goldman, resumed in full this morning,” it said in a statement to the Oslo Stock Exchange. “Both companies believe that this latest agreement ... reflects the strong interest of both companies in allocating resources as effectively as possible to complete the remaining work on the rigs,” it said. Friede Goldman, based in Gulfport…

Halter Marine, Inc. the vessel segment of Friede Goldman Halter, Inc. announced that it has signed a contract with an undisclosed customer to build a 332' x 74' x 25', double-skin, clean oil tank barge with an estimated 80,000 BBL capacity. This vessel meets the requirements of the Oil Pollution Act of 1990 (OPA 90). This barge is similar in design to one currently under construction at the Halter Gulfport, Miss. facility. Construction will begin at Halter's Gulfport, Miss. facility and take approximately 12 months. Although no new jobs will be created, the project is expected to sustain the facility's current workforce. In recent years, Halter has built 88 similar barges, and currently holds contracts and options for an additional 8 vessels.

Friede Goldman Halter Inc., announced that it has engaged Glass & Associates, Inc., a national crisis-management firm, to serve as its Chief Restructuring Advisor. Jack R. Stone, Jr., principal of Glass, will serve in that capacity and will report directly to the Restructuring Committee of the Board of Directors. Stone will oversee all restructuring activities, working closely with company management and the investment-banking firm of Houlhan Lokey Howard Zukin. This action was taken to provide a separation of the restructuring effort from the day-to-day business operations, which are under the direction of John F. Alford, CEO.

Halter Marine, Inc., the vessel segment of Friede Goldman Halter, Inc., announced the delivery of its newly designed 98-ft. harbor tug, the Lynn Marie. The 6,000-hp Azimuthing Stern Drive (ASD) is based on a design developed by Halter and Foss Marine. Primary tug operations of the Lynn Marie will include ship docking and towing.

Friede Goldman Halter, Inc. announced that the U.S. Bankruptcy Court has extended the exclusively period for filing of a reorganization plan until February 11, 2002. The primary secured lending group and the Official Unsecured Creditors’ Committee unanimously supported this extension. The restructuring committee of the board of directors has been evaluating expression of interest received from potential strategic and financial parties. These interested parties will conduct final due diligence in the next 30 days, and the restructuring committee expects to make its recommendation prior to February 1, 2002. Both the restructuring committee and the official unsecured creditors’ committee are evaluating all possible alternatives for the company.

FGH Engineered Products Group, the equipment segment of Friede Goldman Halter, Inc., announced that its AmClyde unit has signed new contracts totaling over $10 million with several customers in the international offshore oil and gas sector. AmClyde crane to a new vessel. AmClyde also has a contract from Horizon Offshore Contractors to upgrade the lifting capacity on their existing AmClyde Model 52 marine crane by more than 50 percent. AmClyde is the preeminent designer/builder of the world's largest marine cranes. support services for their new 3,800-ton AmClyde marine crane. services contract. contract from AIOC (Azerbaijan International Operating Company) to provide a template leveling system. a further boost to the backlog of our Engineered Products Group. this group.

Friede Goldman Halter, Inc. that it has submitted its plan for reorganization to the United States Bankruptcy Court. Friede Goldman Halter has worked closely with its unsecured creditors to develop this plan. The plan calls for the reorganization of Friede Goldman Offshore and Halter Marine and anticipates that the previously announced sale of AmClyde and Friede & Goldman, Ltd. (a naval-architecture and marine-engineering firm specializing in offshore rig design) will be finalized. As Friede Goldman Halter emerges from Chapter 11 the resulting independent business units, and their management, are looking forward to increased interest from their loyal customer base.

Friede Goldman Halter, Inc. (FGH) announced today the debtor’s decision to file a joint plan to reorganize Friede Goldman Offshore (FGO) and Halter Marine, Inc. (HMI) under Chapter 11 of the Bankruptcy code. The Debtors and the Official Unsecured Creditors Committee are supporting this reorganization. The Restructuring Committee of the Board of Directors, after extensive review of options, will pursue the internal reorganization of the Offshore and Marine segments which is believed to be in the best interests of all parties. Details of the reorganization plan are being finalized and the reorganization plan will be filed with the United States Bankruptcy Court in the near future. Jack Stone, Principal, Glass & Associates, Inc.

Friede Goldman Halter, Inc. (FGH) announced today it has sold the assets of Friede Goldman Newfoundland, the company’s Canadian subsidiary located in the province of Newfoundland and Labrador Canada, to Peter Kiewit Sons Co. Ltd.The transaction is part of the continuing effort to restructure the company and facilitate its emergence from Chapter 11 bankruptcy. Bob Shepherd, Executive vice president, administration of FGH, commented, “ The sale of the assets of FGN is in the best interests of the company as it emerges from Chapter 11 bankruptcy protection. The transaction allows the company to reduce outstanding obligations.”

Friede Goldman Halter, Inc. announced today that J.L. Holloway has resigned from the company's Board of Directors. Holloway, 57, has been the Chairman of the Board since April 1997. He served as the Chief Executive Officer and President of Friede Goldman Offshore, Inc. (formerly HAM Marine, Inc.) from its formation in 1982 until April 1997. "The Board has accepted J.L.'s resignation and is grateful for the many years of service he has given to Friede Goldman Halter and its predecessors," said T. Jay Collins, Board Member and Chairman of the Restructuring Committee; "We wish J.L. the best in his endeavors."

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."

Friede Goldman Halter, Inc. (FGH) filed a Form 10-K with the Securities and Exchange Commission. weeks. The company reported a loss for the year ending December 31st 2001 of $401.6 million, or $8.24 per fully diluted common share. The complete financial statements and management's analysis of the results can be reviewed in the Form 10-K. amortization and impairment, depreciation, loss provisions on disposition of assets, inventory write-downs, and subordinated note related write-offs. Additionally, $37.6 million relates to other items including professional fees, income tax provision adjustments and certain contract loss liabilities that were due to the Chapter 11 filing and subsequent events.

Friede Goldman Halter, Inc. (FGH) announced late last week the resignation John Alford as President and Chief Executive Officer of Friede Goldman Halter. Mr. Alford has served in that capacity since August 2000. The Board of Directors has elected Mr. Jack R. Stone, Jr., currently serving as the Chief Restructuring Advisor to FGH, to the additional post of President and CEO effective April 5, 2002. Mr. Stone, a principal of Glass & Associates, Inc., a nationally prominent management-consulting firm, has been advising the Board of Directors since October 2001 on restructuring matters. As previous announced, FGH has filed a Plan of Reorganization which…