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    FGH announces reorganisation effort

    News // May 4, 2001
    Friede Goldman Halter (FGH) has announced that it has filed a petition for relief under Chapter 11 of the United States Bankruptcy Code.

    The petition, which allows for reorganisation of the Company's debts, was filed in the Bankruptcy Court of the Southern District of Mississippi.

    Thirty-one (31) subsidiaries of the Company that are co-borrowers or guarantors under the Company's Amended and Restated Loan and Security Agreement, dated 24 October 2000, plan to file petitions for reorganisation under Chapter 11.

    At the same time, the company is initiating efforts to achieve a comprehensive restructuring of its obligations with all its creditors.

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