Friede Goldman Halter Sells Marine Division

Friede Goldman Halter, Inc. has completed the previously announced sale of Halter Marine to Vision Technologies Systems, a Delaware Corporation, for approximately $65 million (USD).

"This is an important step," said Jack Stone, Chief Restructuring Advisor of Friede Goldman Halter, Inc. (FGH). "The completion of this transaction provides the funding necessary to repay the primary secured creditor and opens the path to a resolution of the bankruptcy case."

Friede Goldman Halter, Inc. has one remaining business unit, Friede Goldman Offshore. The Restructuring Committee of the Board of Directors is working closely with the Unsecured Creditors Committee to determine whether this business unit will be sold or reorganized. Under either scenario, however, the company believes it is unlikely there will be any recovery to the equity holders.

The Friede Goldman Offshore business unit provides new construction, upgrade and repair of all types of offshore drilling rigs, floating production units, and inland and offshore drilling and derrick barges.