Court Approves Bidding Procedures for Sale of Friede Goldman Offshore.Business Editors GULFPORT, Miss.--(BUSINESS WIRE)--Oct. 24, 2002 Friede Goldman Halter halter the simplest form of restraint for the head of farm animals. Comprises a poll strap, a nose band and a halter shank that brings the ends of the nose band together under the mandible. Made of leather or cotton or manila rope. , Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :FGHLQ) announced today that the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. for the Southern District of Mississippi, Southern Division, approved certain bidding procedures for an auction sale of Friede Goldman Offshore, a major business unit of the company. An auction will take place on November 5, 2002, and if bidding achieves a satisfactory price, a sale hearing will take place on November 25, 2002. The Restructuring Committee of the Board of Directors and the Unsecured Creditors' Committee creditors' committee A group of lenders who seek to protect their interests in connection with a borrower that experiences financial difficulties. are prepared to reorganize re·or·gan·ize v. re·or·gan·ized, re·or·gan·iz·ing, re·or·gan·iz·es v.tr. To organize again or anew. v.intr. To undergo or effect changes in organization. this business unit through a Plan of Reorganization if the auction does not yield the desired return. A number of interested buyers have surfaced during an extended marketing process. Interested parties are encouraged to contact the company's financial advisor, Jim Decker, Director of Houlihan Lokey Howard Zukin at 404/495-7012, to secure information concerning the auction. "This business unit has performed above all expectations during the bankruptcy process and has a bright future ahead, whether it is sold or reorganized," said Decker. "As with all of the company's business units, the support of its customers, employees and suppliers has kept the enterprise value intact and a short window is now approved by the Court to determine if a satisfactory sales price can be realized," said Jack Stone, Chief Restructuring Advisor of Friede Goldman Halter, Inc. The Friede Goldman Offshore business unit provides new construction, upgrade and repair of all types of offshore drilling Offshore drilling typically refers to the act of extracting resources, primarily oil, in an ocean or lake. Controversy As with all oil drilling, there has been a certain level of controversy surrounding the issue. rigs, floating production units, and inland and offshore drilling and derrick barges. Note: This press release includes certain statements that may be deemed to be "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of Section 27A of The Securities Act of 1933, as amended, and Section 21 E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that Friede Goldman Halter expects, believes or anticipates will or may occur in the future, are forward-looking statements. These statements are based on certain assumptions and analyses made by Friede Goldman Halter, Inc. in light of its experience and its perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Friede Goldman Halter and which are discussed in Friede Goldman Halter's Registration Statement on Form S-3, the 2002 Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. , and subsequent Forms 10-Q. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. |
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