FGH gets more time
The U.S. Bankruptcy Court has given Friede Goldman Halter, Inc. until April 12, 2002 to file a plan, or plans, of reorganization. The extension has the support of the primary secured lending group and the official unsecured creditor's committee.
FGH says that part of what it terms its "efforts to recognize value for its stakeholders" may include the sale of individual business units. It says its restructuring committee and the official unsecured creditors' committee are "evaluating the scenarios that are presently available." Details of possible agreements are being finalized and "further announcements are expected in the near future."
Glass & Associates principle Jack Stone, who is FGH's chief restructuring advisor says that discussions are underway with "selected entities."
"We are now conducting final negotiations with possible suitors, while we evaluate the option to restructure select business units," says Stone. "The Friede Goldman Offshore and Halter Marine units are prime candidates for restructuring. This extension allows us to complete negotiationbs and to select the alternatives that are in the best interests of all parties."