2001 Maritime
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April 6, 2001

Possible $100 million loan for FGH
Friede Goldman Halter, Inc. said yesterday that it and certain of its affiliates had signed a letter of intent with Pegasus Partners II, L.P. and affiliated entities ("Pegasus") for Pegasus to loan $100 million dollars in the form of a senior secured note with a three-year maturity.

In connection with the proposed transaction, FGH will issue Pegasus warrants to purchase the company's common stock.

The proposed transaction is subject to the negotiation and execution of a definitive agreement and the satisfactory completion of due diligence by Pegasus. Any definitive agreement would also be subject to customary conditions to closing, as well as the obligation of the company to secure a release of certain collateral pledged to existing lenders.

FGH CEO John Alford said yesterday, "I think the proposed transaction with Pegasus represents a very positive step in the right direction for the company."

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