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Sitrick And Company is working the Chapter 11 filing of Williams Industrial Services Group, which struggled with the loss of customer contacts accounting for about 20 percent of its business and a heavy red ink flow in its water business.
In conjunction with the filing, the Atlanta-based company is selling its profitable nuclear, energy delivery and paper mill operations to EnergySolutions for $60M.
Tracy Pagliara, Williams CEO, said Chapter 11 is obviously not the outcome that it wanted for shareholders, but it was “necessary to deliver the primary and profitable parts of the Williams business to EnergySolutions as a going concern.”
Pagliara expects the Williams business to flourish under EnergySolutions ownership “as we stand on the precipice of a global nuclear renaissance and significant growth in the energy and industrial services.”
Sitrick’s Brenda Adrian and Rich Wilner represent Williams.
Stagwell CEO Mark Penn reports Q3 net revenues jumped 6 percent to $614.5M, a record performance for a non-political period. Operating income soared 45.7 percent to $60.9M.
Joele Frank works for Klöckner Pentaplast as the German maker of plastic films declares Chapter 11. A successful reorganization would slash its its corporate debt by $1.5B.
Teneo represents Metsera, the New York City biotech focused on weight-control products, which is subject to a bidding war between heavyweights Novo Nordisk and Pfizer.
Haggie Partners is working the $7B takeover of the specialty insurer Convex by Canada’s Onex private equity fund and American International Group.
WPP reported Q3 revenues less pass-through costs tumbled 5.9 percent to $3.3B, a performance new CEO Cindy Rose called “unacceptable.”
