Horizon Offshore Announces Management Changes
September 1, 2004
Horizon Offshore, Inc. named Richard A. Sebastiao of RAS Management Advisors, Inc., a turnaround and management consulting firm, as chief restructuring officer of the company. The company engaged a chief restructuring officer as part of its ongoing negotiations with the holders of its 18% subordinated secured notes, due March 31, 2007. As chief restructuring officer, Mr. Sebastiao will serve as the company's principal executive officer and work with the company's senior management to strengthen the company's financial position and reduce its indebtedness. Bill J. Lam, its Chief Executive Officer and President will continue as President and be responsible for the day-to-day operational activities of the company, while negotiating an amendment to his employment agreement with the company. The amendment is necessary to address certain provisions that would otherwise allow Mr. Lam to terminate his employment and receive severance benefits.
Related News
PMI Awarded NAVSEA S9320-AM-PRO-020/MLDG Certification
Colombia's Ecopetrol Talking to Very Large Offshore Wind Players
ULA Orders Rocket Transport Ship from Bollinger
Conflict Heating Up Over Cosco's Megaport in Peru
Authorities Identify Sixth Bridge Collapse Victim