Court Approves Bidding Procedures for Sale of Friede Goldman
Friede Goldman Halter, Inc. reports that the United States Bankruptcy Court for the Southern District of Mississippi, Southern Division, approved certain bidding procedures for an auction sale of Friede Goldman Offshore, a major business unit of the company. An auction will take place on November 5, 2002, and if bidding achieves a satisfactory price, a sale hearing will take place on November 25, 2002.
The Restructuring Committee of the Board of Directors and the Unsecured Creditors' Committee are prepared to reorganize this business unit through a Plan of Reorganization if the auction does not yield the desired return. A number of interested buyers have surfaced during an extended marketing process.
Interested parties are encouraged to contact the company's financial advisor, Jim Decker, Director of Houlihan Lokey Howard Zukin at 404/495-7012, to secure information concerning the auction.
"This business unit has performed above all expectations during the bankruptcy process and has a bright future ahead, whether it is sold or reorganized," said Decker.
"As with all of the company's business units, the support of its customers, employees and suppliers has kept the enterprise value intact and a short window is now approved by the Court to determine if a satisfactory sales price can be realized," said Jack Stone, Chief Restructuring Advisor of Friede Goldman Halter, Inc.