Williams Industrial names EnergySolutions winning bidder for assets

By Sarah Lizee

Olympia, Wash., Aug. 31 – Williams Industrial Services Group Inc. canceled an auction for its assets and named stalking horse bidder EnergySolutions Nuclear Services, LLC the winning bidder, according to a notice filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

The company said it didn’t receive any other qualified bids by the deadline.

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.

A sale hearing will take place on Sept. 7.

Competing bids had to 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 company filed bankruptcy on July 22 under Chapter 11 case number 23-10961.

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