Friede Goldman Halter Receives Approval to Sell BLM Subsidiary
Friede Goldman Halter, Inc. announced that Judge Edward Gaines has approved the previously announced sale of the company's French engineered products subsidiary, Brissonneau & Lotz Marine (BLM), for $33.5 million (USD). BLM is located in Nantes, France. It is anticipated that the sale will close and the money will be funded shortly.
"We couldn't be happier that this sale was approved and received the unanimous approval of all our major creditor groups," said John Alford, president and chief executive officer of FGH. "This is a big step in the re-strengthening of our company, since it provides us with liquidity outside our bank lines of credit, and it enables us to have the resources necessary to commence new projects."
The Company anticipates that the proceeds will be used to facilitate the ongoing reorganization effort.