Williams Industrial Files For Bankruptcy, To Sell All Assets For $60 Mln

(RTTNews) - Williams Industrial Services Group Inc. (WLMS), a provider of industrial infrastructure services, announced on Monday that it has filed voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware and agreed to sell all of its units and assets to EnergySolutions, for $60 million.

However, EnergySolutions is not acquiring the operations connected to its water contracts in Florida and Texas.

WLMS has received commitments for two debtor-in-possession or DIP financing credit lines.

One of the firm's DIP facilities will be a revolving line of credit or RLOC which will replace the company's prepetition RLOC, allowing for continued credit advances up to $12 million.

The second facility is a delayed draw term loan with the company's existing term lenders to provide up to $19.5 million of incremental liquidity following the petition filing.

WLMS is seeking to consummate the sale by September 30.