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Jack Stone News

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.

14 Mar 2002

FGH To Reorganize Offshore and Marine Segments

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.

17 Apr 2002

FGH Records Large Non-Cash Write Downs

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.

28 Apr 2002

FGH Sells Amclyde Division

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."

24 May 2002

FGL Sold to United Heavy Machinery

United Heavy B.V., a division of United Heavy Machinery, has purchased the Naval Architecture and Marine Engineering business unit Friede & Goldman Ltd. (FGL) from Friede Goldman Halter, Inc. for a sum of $15 million. “We are pleased with the outcome of this auction,” said Jack Stone, president and CEO of Friede Goldman Halter. “The competitive bidding for FGL shows the level of confidence the marketplace has in the products and services offered by Friede & Goldman Ltd. and in its future.” “The sale of Friede & Goldman Ltd. is positive for the estate and the terms of the agreement provide continued access to the FGL design technology for Friede Goldman Offshore which should prove beneficial to both companies going forward.” said Ron Schnoor, President of Friede Goldman Offshore.

22 May 2002

Bollinger to Acquire Halter Marine

In what amounts to what would be an amazing turn of fortune over a number of years, Bollinger Shipyards, Inc., Lockport, La., has signed a contract, pursuant to approval of the U.S. Bankruptcy Court, to acquire the assets and operations of Halter Marine from Friede Goldman Halter, Inc. Bollinger Shipyards has always been regarded as a well-run builder of quality vessels for the U.S. and foreign markets. However, less than a decade ago, the company was overshadowed by the enormous network of ship and boatyards that was Halter Marine. But Halter, with a mountain of debt and a tight offshore market, fell from the top, in concert with Bollinger's rise.

10 Jun 2002

Collins Assumes CEO at FGH

The Board of Directors of Friede Goldman Halter have added the title of Chief Executive Officer to T. Jay Collins who presently serves as Chairman of FGH. Collins is overseeing the final stages of the bankruptcy process from the Board level, while continuing his full-time position as President of Oceaneering International, Inc. Jack Stone, who served as interim CEO, will continue his focus as the Chief Restructuring Advisor to FGH. Stone is 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.

18 Jun 2002

Bollinger to Acquire Halter Marine

In what amounts to what would be an amazing turn of fortune over a number of years, Bollinger Shipyards, Inc., Lockport, La., has signed a contract, pursuant to approval of the U.S. Bankruptcy Court, to acquire the assets and operations of Halter Marine from Friede Goldman Halter, Inc. Bollinger Shipyards has always been regarded as a well-run builder of quality vessels for the U.S. and foreign markets. However, less than a decade ago, the company was overshadowed by the enormous network of ship and boatyards that was Halter Marine. But Halter, with a mountain of debt and a tight offshore market, fell from the top, in concert with Bollinger's rise.

26 Jun 2002

Milestones for the Sale of Halter Marine Established

Friede Goldman Halter, Inc. (FGH) received milestone dates from the U.S Bankruptcy Court regarding the sale of Halter Marine. The Court auction date has been set for July 16th 2002 with the sale hearing to take place on July 23rd 2002. A copy of the procedures for participating in the auction is available from counsel for the Selling Debtors, Douglas G. Walter, Andrews & Kurth, Mayor, Day, Caldwell & Keeton, 600 Travis, Suite 4200, Houston, Texas 77002. The sale contemplates an agreement for the purchase of all the operating assets and properties of Halter, including the assets at Halter Pascagoula, Halter Moss Point, Moss Point Marine, Halter Port Bienville, Halter Lockport, and Halter Gulfport East including the Corporate Headquarters, Gulfport Central and Three Rivers.

18 Jul 2002

Halter Marine Auction Continues

Friede Goldman Halter, Inc., has continued the auction process related to the Halter business unit, originally scheduled to commence on July 16th, to the morning of July 23rd. On the afternoon of July 23rd, a hearing will take place on the sale of the Halter unit to the successful bidder as determined at the auction. This revised process keeps the sale of Halter on schedule and the original timeline remains valid with the closing expected to take place in mid-August. "This process of ensuring all bids for a company the size of Halter are compliant and balanced is complicated," said Jack Stone, Principal, Glass & Associates, Inc. and Chief Restructuring Advisor to FGH.

26 Nov 2002

FGH Anticipates Sale Completion

Friede Goldman Halter, Inc. announced that the purchaser has completed financing arrangements for the sale of its Friede Goldman Offshore division based in Pascagoula, Mississippi. On November 15, Friede Goldman Halter, Inc. (FGH) entered into a definitive contract to sell the assets of its Offshore division to ACON Offshore Partners LP, a Delaware limited partnership and an affiliate of ACON Investments, in a transaction valued at approximately $61 million (USD). The sale hearing will take place in the United States Bankruptcy Court for the Southern District of Mississippi, Southern Division, on December 16, 2002. Court approval is expected, with a year-end closing anticipated.