Williams Industrial Services Group Inc. Enters Into Purchase Agreement For The Sale Of Business For $60M And Files For Chapter 11 Protection; Receives Commitment From Existing Secured Lenders For Up To $19.5M In Debtor-In-Possession Financing
Portfolio Pulse from Happy Mohamed
Williams Industrial Services Group Inc. (WLMS) has filed for Chapter 11 bankruptcy and agreed to sell most of its assets to EnergySolutions for $60 million. The assets include the company's nuclear, fossil, energy delivery, and paper mill operations. EnergySolutions will not acquire the company's water contracts in Florida and Texas. WLMS has also secured up to $19.5 million in debtor-in-possession financing from its existing lenders.
July 24, 2023 | 12:48 pm
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Williams Industrial Services Group Inc. has filed for Chapter 11 bankruptcy and is selling most of its assets to EnergySolutions for $60 million. The company has also secured up to $19.5 million in debtor-in-possession financing.
The filing for Chapter 11 bankruptcy and the sale of most of its assets indicate financial distress for Williams Industrial Services Group Inc. This is likely to negatively impact the company's stock price in the short term. The debtor-in-possession financing may provide some liquidity, but it is unlikely to offset the negative impact of the bankruptcy filing and asset sale.
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