Hydralift agrees to buy AmClyde from Friede Goldman Halter

By the OGJ Online Staff
HOUSTON, Feb. 26 -- Norway's Hydralift ASA has agreed to buy AmClyde Engineered Products from bankrupt offshore equipment manufacturer Friede Goldman Halter Inc., Gulfport, Miss., for $36 million.

Subject to approval by a bankruptcy court, closing is expected in April 2002. The AmClyde sale is the first step in resolving the bankruptcy for Friede Goldman Halter, the company said.

Friede Goldman Halter filed for Chapter 11 bankruptcy protection in the Bankruptcy Court of the Southern District of Mississippi last year (OGJ Online, Apr. 20, 2001).

"Each of the business units are continuing to operate as before, and the company, in conjunction with the unsecured creditors' committee, is in continuing discussions with groups that have expressed a keen interest in acquiring an operating division, and we are also continuing to evaluate our restructuring options," said Jack Stone, a principal with Glass & Associates Inc. in Dallas and chief restructuring adviser to Friede Goldman Halter.