Willbros nears bankruptcy or sale; shares -60% [Seeking Alpha]
WILLBROS GROUP (WG)
Last willbros group earnings: 11/8 04:30 pm
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US:NYSE Investor Relations:
investors.willbros.com
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Source: Seeking Alpha
Willbros nears bankruptcy or sale; shares -60%Willbros Group (WG-62.5%) plunges by more than 60% after saying it isassessing its alternatives, which include selling all of its assets; seeking additional financing; or refinancing, recapitalizing or restructuring all or part of its existing debt.WG says it "began experiencing significant operating losses during [Q3] of 2017 on large lump-sum projects. The mainline pipeline project losses have continued through [Q1] of 2018 with substantial weather impacts in Q4 of 2017 and Q1 of 2018 and have adversely impacted the company’s profitability, cash flow and liquidity."WG says it is "in advanced discussions with multiple parties regarding a sale of the company or portions of the company," but its expected cash on hand and availability under its existing credit facility "indicates a shortfall to cover our interim operating needs."See all stocks on the move »Now read:Schlumberger: Was The Strong Outlook Overly Optimistic? »
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