September 16, 2003

BMI goes on the block
Baltimore Marine Industries, owned by Veritas Capital, the company that purchased the failed Bethlehem Steel Corporation's Sparrows Point shipyard business, is now available for sale. Michael Fox International, Inc., the North American Division of GoIndustry has been retained through the U.S. Bankruptcy Court to market the real estate and machinery in bulk as an entirety and, as applicable, on a break-up basis. If not sold as an entirety, it will be sold at auction on November 5th.

At its peak Baltimore Marine Industries employed 775 employees. The shipyard provided multiple repair, conversion and new construction services as well as custom cutting and forming of steel plates. Affected in recent years by the sluggish economy and general downturn in the industry, the company had filed for Chapter 11 bankruptcy protection.

"In order to maximize the return to the estate and in order to expose this valuable entity to literally the world of buyers, we have adopted this approach. We often handle sales of this size and for this sale, our global marketing efforts are designed to find the right buyer or buyers with the right amount of vision," said David Fox, Chief Executive Officer of Michael Fox International.

Located at 600 Shipyard Road, theproperty consists of approximately 250 acres with one mile of waterfront and containing numerous buildings, a VLCC-capable drydock, and a Panamax floating dock.

In addition to the real estate, the sale will include shipyard machinery and equipment. Additional sale information is available by contacting Bryan Goodman at Michael Fox International (800-722-3334).

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