Halter Goes for $66M to Vision Technologies Kinetics
In a U.S. Bankruptcy Court sanctioned auction, Vision Technologies Kinetics, Inc., a wholly owned subsidiary of Singapore Technologies Engineering, Ltd., provided the winning bid of $66 million to purchase Halter Marine from Friede Goldman Halter, Inc.
The sale includes the facilities of Halter Pascagoula, Halter Moss Point, Moss Point Marine, Halter Port Bienville, Halter Lockport, and Halter Gulfport East including the Corporate Headquarters and Gulfport Central. With the closing of this sale, which is expected to take place within 30 days, following final Hart-Scott-Rodino approval. Halter will have a solid balance sheet and a financially strong parent. This, combined with Halter's history of being a market leader will put the newly formed VT-Halter Marine Group at the forefront of the industry.
Anil Raj, Chief Operating Officer of FGH said, "This is an exciting moment for Halter's employees, customers, and suppliers. Halter has continued to do business as a premiere vessel builder throughout the bankruptcy process. This change will allow the new VT-Halter to start new projects as well as options on existing contracts."
Friede Goldman Halter and the Creditors Committee are appreciative of the efforts made by the bidders throughout this process.
"This has been a highly successful auction process," said James Decker, Director, Houlihan Lokey Howard Zukin, Investment Bankers for Friede Goldman Halter. "The sale of Halter Marine is a major step in providing a return to the creditors and brings the company closer to emerging from Chapter 11."
Friede Goldman Halter's core operating units are Friede Goldman Offshore (construction, upgrade and repair of drilling units, mobile production units and offshore construction equipment) and Halter Marine, Inc. (a significant domestic and international designer and builder of small and medium sized vessels for the government, commercial, and energy markets).