By Ben Glickman
Williams Industrial Services Group said Monday it agreed to sell its business to EnergySolutions for $60 million and filed for bankruptcy protections.
The Atlanta-based infrastructure services provider said EnergySolutions, a Salt Lake City-based energy services company, would acquire assets including nuclear, fossil, energy deliver and paper mill operations from Williams.
Williams said it has filed for Chapter 11 protections in Delaware bankruptcy court. The company has secured two lines of credit, one for up to $12 million and another for up to $19.5 million, which would support Williams' activities through bankruptcy proceedings.
Williams said a loss of large customer contracts in 2022 and losses from its water operations led to the Chapter 11 filing. EnergySolutions won't acquire the company's water contracts business.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
July 24, 2023 08:59 ET (12:59 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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