Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: Tommaso who wrote (90244)	4/19/2001 10:19:14 AM
From: paul feldman	Read Replies (1) of 95453

To:Big Dog who started this subject From: Big Dog Thursday, Apr 19, 2001 10:11 AM Respond to of 582 UNCLE! This report from Frost says FGH has filed Chapter 11. Haven't seen that news anywhere else though. Friede Goldman Halter (NYSE: FGH; Not Rated; Price: $0.35), which has been plagued by numerous short-term financing difficulties stemming from substantial losses on rig construction cost over-runs, has filed for Chapter 11 bankruptcy protection from creditors, according to court records. Yesterday, the company announced that it no longer expects to receive the previously proposed $100 million loan from Pegasus Partners. Without the loan to help Friede meet its short-term financial obligations bankruptcy protection was unavoidable. Friede's stock closed at $0.35 per share yesterday, down 77% from last week and down nearly 100% from its $45 per share peak last cycle. Friede has failed to weather the downturn in the oilfield sector over the past couple years and failed to capitalize on the resurgence in offshore oilfield activity which began in early 1999.

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