☢️New Chapter 11 Bankruptcy Filing - Williams Industrial Services Group Inc. ($WLMS)☢️
On July 22, 2023, GA-based Williams Industrial Services Group Inc. ($WLMS), its awful logo ⬆️, and 13 affiliates (collectively, the “debtors”) filed chapter 11 bankruptcy petitions in the District of Delaware (Judge Shannon). Which means we can finally put this ugly chart out of its misery:
The debtors operate out of three primary platforms: (i) Williams Plant Services, which provides modification and construction services to utilities (64% revenue); (ii) Williams Specialty Services, provides specialized maintenance and construction services related to power delivery by utilities and industrial customers (19% revenue); and (iii) Williams Industrial Services, which provides industrial engineering and construction services to utilities and industrial customers (17% revenue). Across the three platforms, the debtors do a lot of work for nuclear, fossil-fuel and hydroelectric plants, as well as pulp and paper mills and water and wastewater facilities.
The debtors capital structure is as follows: