ST Engineering Injects $66m into VT Systems
Singapore Technologies Engineering Ltd (ST Engineering) today announced that it has injected US$66m (approximately S$89m) into the capital of its US Headquarters, Vision Technologies Systems, Inc. (VT Systems), for the repayment of bank loans. This brings ST Engineering’s total investment in VT Systems to US$343.96m (approximately S$464m). Following the capital injection above, VT Systems has capitalised its outstanding loan balance of US$35.28m (approximately S$47m) and US$33.08m (approximately S$44m) in its subsidiaries, Vision Technologies Kinetics, Inc. and Vision Technologies Land Systems Inc respectively. Vision Technologies Land Systems has, in turn, capitalised its outstanding loan balance of US$33.08m (approximately S$44m) in its subsidiary, VT Hackney Inc.
ST Engg to Acquire FGH Shipbuilding Facilities
Singapore Technologies Engineering Ltd (ST Engg), through its U.S. arm, Vision Technologies Kinetics Inc (VT Kinetics), has made a successful bid for the assets of Halter Marine, the shipbuilding arm of US-based Friede Goldman Halter Inc (FGH). The acquisition will include seven of FGH's shipbuilding facilities located in Louisiana and the Mississippi Gulf Coast. The proposed purchase consideration for FGH's shipbuilding facilities amounts to $66 million. The final award of the bid will be subjected to the approval of the Bankruptcy Court in Mississippi and other regulatory approvals. Final approvals by these authorities are expected to be made known by end August 2002.
Raj: Halter is Back
Anil Raj, president and COO of Halter Marine, in many ways embodies the company for which he has worked for the last 15 years. Joining as the Director, Engineering, Production Controls and Procurement in 1987, Raj has relied on a solid technical foundation, first to help establish and continue the company's reputation as one of the world's most prolific builders of ships and boats, and second to help the company hang on - to customers as well as key technical and production staff, as the company navigated the tumultuous environs following its Chapter 11 filing of April 2001. Despite well-chronicled skepticism, Halter today sits on the verge of a remarkable rebound that could again make it a ubiquitous presence in both commercial and military marine construction.
