Friede Goldman Halter Signs Contract to Sell Friede & Goldman, Ltd Division

Friede Goldman Halter, Inc. has entered into a contract with FGL Acquisitions, LLC, an entity formed by the current management team of Friede & Goldman, Ltd. (FGL) and MODEC (USA), Inc., to acquire the assets and activities of Friede & Goldman, Ltd. for $8 million and other consideration. FGL is one of four business units presently operated by Friede Goldman Halter and is a pioneering naval-architect and marine-engineering firm located in Houston, Texas. The acquisition is subject to approval by the United States Bankruptcy Court and the closing is expected to take place in early May 2002. James Decker, Director, Houlihan Lokey Howard Zukin, Investment Bankers for the debtors commented, "In addition to the cash consideration offered by FGL Acquisitions, LLC., this transaction affords Friede Goldman Offshore an opportunity for continued access to all current and future FGL designs and expertise on highly favorable terms."

In addition to the sale of this business unit, FGH and its Official Unsecured Creditors' Committee are evaluating other possible reorganization scenarios. The sale of Friede and Goldman, Ltd. is an important step in the reorganization process to resolve the bankruptcy for FGH.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles

Brent Crude Oil : $54.33/BBL 0.81%
Light Crude Oil : $51.5/BBL 1.29%
Natural Gas : $3.75/MMBtu 1.35%
Updated in last 24 hours