FGH files reorganization plan
The plan calls for the reorganization of Friede Goldman Offshore and Halter Marine and anticipates that the previously announced sales of AmClyde and Friede & Goldman, Ltd. (a naval-architecture and marine-engineering firm specializing in offshore rig design) will be finalized.
"As Friede Goldman Halter emerges from Chapter 11 the resulting independent business units, and their management, are looking forward to increased interest from their loyal customer base," trumpets the announcement. "The companies' management is encouraged about the reorganized and recapitalized companies and expects the companies to increase their market share."
The approved plan anticipates the unsecured creditors will receive a majority of the ownership of the reorganized Friede Goldman Offshore and the reorganized Halter Marine. The plan provides no recovery for the current equity security holders of the company.
The plan may be viewed during normal court hours at the United States Bankruptcy Court, Southern District of Mississippi, 725 Dr. Martin Luther King, Jr. Blvd., Suite 117, Biloxi, Ms. 39201 or may be purchased online at http://pacer.mssd.uscourts.gov/. (Not an instantaneous process)