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Shaw Group Submits Winning Bid for Stone & Webster
The Shaw Group Inc. announced today that it has submitted the winning
bid in the U.S. Bankruptcy Court for the District of Delaware auction
for Stone & Webster Inc., the Boston-based construction and
engineering firm that filed for chapter 11 last month, according to a
newswire report. Shaw, a Baton Rouge, La.-based company and the largest
supplier of fabricated piping systems in the U.S., qualified with their
bid of $163 million in cash and stock. The transaction, subject to
bankruptcy court approval, calls for Shaw to acquire substantially all
of assets and assume certain liabilities of Stone & Webster for
about $38 million in cash and approximately 2.5 million shares of Shaw
common stock. Shaw will also assume liabilities with a book value of
about $450 million and acquire assets with a book value of about $600
million, it said. Shaw and Stone & Webster had revenues of about
$1.7 billion in 1999, and will move forward with a total backlog of work
exceeding $2.0 billion.
TBS International Commences Note Restructuring Case
TBS Shipping International Ltd. yesterday filed a pre-negotiated chapter
11 providing for the restructuring of its 10 percent first-preferred
ship mortgage notes due 2005, according to a newswire report. The
restructuring of the New York-based company is the result of a
previously announced agreement with holders of a substantial majority in
principal amount of the notes. The restructuring remains subject to
definitive documentation and approval of the bankruptcy court, which is
expected in the third quarter.
South Carolina Requests Safety-Kleen Bankruptcy Case be Moved from
Delaware
South Carolina wants Safety-Kleen Corp.'s bankruptcy case moved from
Delaware to South Carolina, where the hazardous-waste disposal company
is headquartered, the Associated Press reported. Columbia, S.C.-based
Safety-Kleen filed for bankruptcy on June 9 in Delaware, where the
company is incorporated. South Carolina's lawyers plan to argue at a
hearing July 11 that the case should be moved to U.S. Bankruptcy Court
in Columbia, S.C. A motion filed in Wilmington, Del., says keeping the
case there will burden creditors, shareholders and other parties with
travel and legal expenses. Safety-Kleen has faced mounting financial
woes since disclosing in March that it is conducting a review of
accounting irregularities. The company stated in a court filing that it
has liabilities of more than $3.14 billion and assets of $4.45 billion.
South Carolina is one of Safety-Kleen's largest unsecured creditors.
The state-owned utility Santee Cooper joined the state Department of
Health and Environmental Control and the Natural Resources Department in
making the request. DHEC wants Safety-Kleen to pay $70 million
immediately to a cleanup fund that covers operations at the company's
hazardous and industrial waste landfill near Lake Marion, which is owned
by Santee Cooper.
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