Williams Industrial receives approval of bid procedures for assets

By Sarah Lizee

Olympia, Wash., Aug. 21 – Williams Industrial Services Group Inc. received approval of the bid procedures for its assets, according to an order filed Saturday with the U.S. Bankruptcy Court for the District of Delaware.

The company also received approval to designate EnergySolutions Nuclear Services, LLC as stalking horse bidder. As previously reported, EnergySolutions has offered to purchase the assets for $60 million.

The assets represent the company's nuclear, fossil, energy delivery and paper mill operations. EnergySolutions wouldn’t be purchasing the company's operations connected to its water contracts in Florida and Texas.

The stalking horse agreement includes a $1.8 million breakup fee and a $1 million expense reimbursement.

Under the bid procedures, the deadline to submit bids is 5 p.m. ET on Aug. 29, an auction is scheduled for Aug. 31, and a sale hearing will take place on Sept. 7.

Competing bids must exceed the stalking horse bid by at least $3.05 million, which includes the bid protections and the initial overbid amount.

The company is hoping to close the sale by the end of September.

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

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