Williams Industrial Services files Chapter 11 plan of liquidation

By Sarah Lizee

Olympia, Wash., Dec. 28 – Williams Industrial Services Group Inc. filed a Chapter 11 plan of liquidation and disclosure statement with the U.S. Bankruptcy Court for the District of Delaware.

As a reminder, the company sold most of its nuclear, fossil, energy delivery and paper mill operations assets to EnergySolutions Nuclear Services, LLC for $60 million in September.

Under the plan, holders of $50,000 to $100,000 of other priority claims, $512,000 of secured claims (other than prepetition term lender secured claims) and holders of $4 million to $5 million of prepetition term lender secured claims will receive 100% cash recovery.

Holders of $15 million to $25 million of general unsecured claims are expected to receive a recovery of 3% to 5%.

Holders of $9.8 million to $10.8 million of prepetition term lender unsecured claims are expected to receive a recovery of 3% to 5%.

Holders of intercompany claims and equity interests are expected to receive no recovery.

Atlanta-based Williams Industrial Services is a provider of infrastructure related services to blue-chip customers in energy and industrial end markets. The company filed bankruptcy on July 20 under Chapter 11 case number 23-10961.

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