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Strategies & Market Trends : Z Best Place to Talk Stocks
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To: Larry S. who wrote (29932)3/13/2001 7:23:30 PM
From: Mark Adams  Read Replies (1) of 53068
 
FGH halted work on a major loss project with Ocean Rig, and as a result, the lendor asserted they violated covenants on a recent 110m credit facility. Looked like BK.

FGH and Ocean Rig have reached an agreement to proceed on completion of the rigs in question, on a time and materials basis going forward. The credit issue is still in the air, but I believe likely to be resolved as they have a nice backlog of work on the ship building side.

FWIW
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