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Stone & Webster files bankruptcy; lists assets/debts
WILMINGTON, Del., June 2 (Reuters) - The engineering firm Stone & Webster Inc. (OTC BB:SWBI.OB - news) and 71 affiliates filed for Chapter 11 protection late Friday in the U.S. Bankruptcy Court in Delaware.
In court papers, the company listed assets of $917.2 million and debts of $604.5 million. Earlier on Friday, Jacobs Engineering Group Inc. (NYSE:JEC - news) confirmed it had agreed to buy substantially all of the assets of Boston, Mass.-based Stone & Webster for $150 million in cash and stock, and the assumption of all the company's liabilities.
The asset sale will be conducted as part of the bankruptcy proceeding, and is therefore subject to higher and better offers as well as to court approval.
Jacobs has also agreed to provide Stone & Webster $50 million in debtor-in-possession financing to allow the company to continue normal business operations while it is in bankruptcy.
Those listed as owning at least 5 percent of the company's voting securities are Dimensional Fund Advisers Inc., Frontier Capital management Inc., Kennedy Capital Management Inc., Royce & Associates Inc., Cilluffo Associates LPC, and three Stone & Webster plans for employee stock ownership, investment, and retirement.
The 40 largest unsecured trade claims are all trade, and range from $594,000 to $8.8 million.
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