Friede Goldman Halter Files Bankruptcy

Gulfport based Friede Goldman Halter filed for Chapter 11 bankruptcy protection, but the company says it will not lead to layoffs.

Friede's been in financial struggles for some time now. Earlier this year, a dispute over contracts to build offshore drilling rigs led to layoffs. The company lost $102 million last year.

Friede attorney John Corlew said Thursday that "business will continue," and the company filed bankruptcy in order to "reorganize under the supervision of the bankruptcy court and pay off creditors."

Court papers filed Thursday show Friede Goldman Halter has $802 million in assets, with $704 million in debts.

The bankruptcy filing is no surprise. The company acknowledged it could happen when it released its annual report earlier this month.