Friede Goldman Halter hires restructuring advisors

Offshore equipment manufacturer Friede Goldman Halter Inc., Gulfport, Miss., said Thursday it has hired E&Y Capital Advisors LLC to help assist management in the company's reorganization process. The company has filed for Chapter 11 bankruptcy protection.


By the OGJ Online Staff

HOUSTON, May 3 -- Offshore equipment manufacturer Friede Goldman Halter Inc., Gulfport, Miss., said Thursday it has hired E&Y Capital Advisors LLC to assist management in the company's reorganization process.

The company has filed for Chapter 11 bankruptcy protection in the Bankruptcy Court of the Southern District of Mississippi (OGJ Online, Apr. 20, 2001).

Friede Goldman's 31 subsidiaries that are coborrowers or guarantors also plan to file bankruptcy petitions, the company has said.

It said its chief financial officer, Robert Champagne, has left the company.

Friede Goldman said it would not appeal the New York Stock Exchange's decision to delist its stock. Meanwhile, it said its stock is being traded on the NASDAQ over-the-counter bulletin board.

The company's Friede Goldman Offshore unit builds, upgrades, and repairs drilling rigs, mobile production units, and construction equipment for the offshore oil industry.

More in Drilling & Production