HOUSTON, Apr. 20 -- Offshore equipment manufacturer Friede Goldman Halter Inc., Gulfport, Miss., has filed for Chapter 11 bankruptcy protection in the Bankruptcy Court of the Southern District of Mississippi.
On Wednesday, Friede Goldman announced that Pegasus Partners II LP no longer intended to pursue a definitive agreement for a proposed $100 million loan. The bankruptcy filing, allowing for reorganization of debt, was announced late Thursday.
Friede Goldman's 31 subsidiaries that are coborrowers or guarantors also plan to file bankruptcy petitions, the company said in a short news release.
"The objective of this restructuring will be to position the company to emerge from Chapter 11 with an improved capital structure and sufficient resources to carry on its business," Friede Goldman said.
