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    FGH's lenders demand payment

    News // April 20, 2001
    Maritime Research Institute Netherlands (MARIN) says it has started two new Joint Industry Projects (JIPs) for Floating Production, Storage & Offloading (FPOS) platforms.

    The aim of the first JIP, 'Offloading Operability', is to develop and validate tools to evaluate the design and operation of FPSOs, and assess limiting weather conditions and safety during offloading.

    The aim of the second project, 'FPSO Roll', is to reduce the rolling motions of FPSOs through design and operation. To this end, roll measurements will be conducted on several FPSOs, and full scale data will be compared with data from model tests and numerical predictions in order to derive reliable design procedures.

    More details of the Offloading Operability JIP can be obtained from Bas Buchner at MARIN (b.buchner@marin.nl). More details of the FPSO Roll JIP can be obtained from Henk van den Boom (h.j.j.v.d.boon@marin.nl).

    *region:The Americas
    Ailing Friede Goldman Halter (FGH) says it has received a notice of continuing default and demand for payment from Foothill Capital Corporation. Foothill was demanding the immediate payment of $85.7 million, plus interest and various other costs, withinfive days of the date of the notice.

    On 05 April FGH announced that it and certain of its affiliates had signed a Letter of Intent (LOI) with Pegasus Partners II for Pegasus to loan $100 million dollars in the form of a senior secured note with a three-year maturity.

    However, later that month it became clear that Pegasus Partners II no longer intended to pursue a definitive agreement for the loan.

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