8-K
filed July 24, 2023, 7:59 PM ET
CIK 0001136294
other material
confidence high
sentiment negative
materiality 0.95
NOS4-1, Inc.: going-concern / distress — Williams Industrial Services Group files Chapter 11 bankruptcy, agrees to sell assets to EnergySolutions for $60 million
NOS4-1, Inc.
- Company and 12 subsidiaries filed Chapter 11 petitions in Delaware on July 22, 2023.
- Entered stalking horse asset purchase agreement to sell substantially all assets to EnergySolutions for $60M cash.
- Secured commitments for $12M DIP revolving credit facility and $19.5M DIP term loan facility.
- Filing triggered defaults on ~$52.1M in debt, including $15.7M revolver and $35.6M term loan.
- Company expects NYSE American to delist common stock, causing potential complete loss for shareholders.
Key facts
Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
NOS4-1, Inc. faced acceleration on loan of approximately $0.4 million with Wynnefield Partners Small Cap Value, LP.
- Instrument
- loan
- Principal
- approximately $0.4 million
- Counterparty
- Wynnefield Partners Small Cap Value, LP
- Event
- acceleration
Exact text from the filing
Approximately $0.4 million under the Unsecured Promissory Note, dated as of January 9, 2023, by and among the Company, as borrower, certain of its subsidiaries, as guarantors under a separate Guaranty Agreement, and Wynnefield Partners Small Cap Value, LP.
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
NOS4-1, Inc. faced acceleration on term loan of approximately $35.6 million with ECF Agent LLC.
- Instrument
- term loan
- Principal
- approximately $35.6 million
- Counterparty
- ECF Agent LLC
- Event
- acceleration
Exact text from the filing
Approximately $35.6 million under the Term Loan, Guarantee and Security Agreement, dated as of December 16, 2020, by and among the Debtors, in their capacities as borrowers and/or guarantors, ECF Agent LLC, in its capacity as agent, and the financial institutions from time to time party thereto as lenders (as amended, restated, supplemented or otherwise modified).
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
NOS4-1, Inc. faced acceleration on loan of approximately $0.4 million with Wynnefield Partners Small Cap Value, LP I.
- Instrument
- loan
- Principal
- approximately $0.4 million
- Counterparty
- Wynnefield Partners Small Cap Value, LP I
- Event
- acceleration
Exact text from the filing
Approximately $0.4 million under the Unsecured Promissory Note, dated as of January 9, 2023, by and among the Company, as borrower, certain of its subsidiaries, as guarantors under a separate Guaranty Agreement, and Wynnefield Partners Small Cap Value, LP I.
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
NOS4-1, Inc. faced acceleration on revolving credit of approximately $15.7 million with PNC Bank, National Association.
- Instrument
- revolving credit
- Principal
- approximately $15.7 million
- Counterparty
- PNC Bank, National Association
- Event
- acceleration
Exact text from the filing
Approximately $15.7 million under the Revolving Credit and Security Agreement, dated as of December 16, 2020, by and among the Debtors, in their capacities as borrowers and/or guarantors, PNC Bank, National Association, in its capacity as administrative agent, and the financial institutions from time to time party thereto, as lenders (as amended, restated, supplemented or otherwise modified).
View on SEC.gov
Distress & Bankruptcy
SEC 8-K Item 1.03
confidence 0.9
NOS4-1, Inc. entered chapter 11 in United States Bankruptcy Court for the District of Delaware (petition 2023-07-22).
- Proceeding
- chapter 11
- Court
- United States Bankruptcy Court for the District of Delaware
- Petition
- 2023-07-22
Exact text from the filing
On July 22, 2023, Williams Industrial Services Group Inc. (the “ Company ”) and its subsidiaries, Williams Industrial Services Group, L.L.C. (“ WISG ”), Williams Plant Services, LLC (“ WPS ”), Williams Specialty Services, LLC (“ WSS ”), Williams Industrial Services, LLC (“ WIS ”), WISG Electrical, LLC (“ WISG Electrical ”), Construction & Maintenance Professionals, LLC (“ CMP ”), Williams Global Services, Inc., Steam Enterprises, LLC, GPEG, LLC, Global Power Professional Services Inc., WISG Canada Ltd., WISG Nuclear Ltd. and WISG Electrical Ltd. (collectively with the Company, the “ Debtors ”), filed voluntary petitions (the “ Bankruptcy Petitions ”) under Chapter 11 of the United States Bankruptcy Code (the “ Bankruptcy Code ”) in the United States Bankruptcy Court for the District of Delaware
View on SEC.gov
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