Of mere academic interest to Yogi.
Friede Goldman Secures $100M Loan
biz.yahoo.com
Friday April 6, 3:07 am Eastern Time
GULFPORT, Miss. (AP) -- Friede Goldman Halter Inc., a world-leading shipbuilder on the
brink of bankruptcy, has secured a loan with Pegasus Partners for $100 million.
The securities firm agreed to loan the Gulfport-based company the money in the form of a secured note with a three-year maturity period.
FGH, which builds rigs and ships at facilities along the Gulf Coast, has lost more than $100 million in the past few years because of delays and excess costs associated with four drilling rigs in two separate contracts.
Friede, with a work force of about 5,000, has announced more than $680 million in new projects since the fall.
However, in its annual report filed Monday, the company said it must renegotiate terms of loans and raise millions of dollars in the coming months or face the prospect of seeking bankruptcy protection.
``I think the proposed transaction with Pegasus represents a very positive step in the right direction for the company,'' John Alford, CEO of Friede Goldman, said Thursday.
In connection with the proposed transaction, FGH will issue Pegasus warrants to purchase the company's common stock..
The proposed transaction is subject to the negotiation and execution of a definitive agreement. |
