Willbros in default on 2.75% convertibles, according to noteholder

By Caroline Salls

Pittsburgh, June 16 - Willbros Group, Inc. is in default on its 2.75% senior convertible notes due 2007, according to Whitebox Advisor, Inc., a holder of 25.1% or $17.6 million of the notes, according to an 8-K filing with the Securities and Exchange Commission.

Whitebox said Willbros is in default because it failed to file its 2004 10-K annual report and 10-Q quarterly report for the quarter ended March 31, 2005.

Willbros said it does not believe it is in default under the notes indenture.

The company said the notes indenture requires the company to deliver copies of its annual and quarterly reports to the indenture trustee within 15 calendar days after they are filed with the SEC.

"The indenture provision does not require the company to file those reports within the deadlines set forth in the SEC's rules and regulations," Willbros said in the filing.

Willbros, a Houston-based independent contractor serving the oil, gas and power industries, announced on March 31 that it would delay filing its 2004 annual report or report for the quarter ended March 31.

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