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Howard Zukin News

27 Sep 2001

Friede Goldman Halter Announces Plan to Retain Investment Banking Firm

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.

19 Oct 2001

FGH Retains Chief Restructuring Advisor

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.

13 Dec 2001

FGH Announces Extension of Debtor Exclusivity in Bankruptcy Process

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.

06 Dec 2000

Outboard Marine To Lay Off 1,000

Boat manufacturer Outboard Marine Corp. said on Tuesday it plans to reduce its worldwide workforce by about 1,000 employees, or about 14 percent of its staff, and retained an investment banking firm to evaluate strategic options. The company said the moves to reduce costs and improve focus on key business segments are necessary to offset softness in the company's operating performance, which resulted primarily from material supplier problems in the engine division along with a recent slowdown in the recreational marine market. The company also said it is currently exploring strategic alternatives and has retained the firm of Houlihan, Lokey, Howard & Zukin to help in that effort.