The story so far:
BOSTON, May 22 /PRNewswire/ -- Stone & Webster, Incorporated (OTC Bulletin Board: SWBI) today announced that the
Company's stock is trading as an over-the-counter ("OTC") equity security under the symbol "SWBI." Quotation service is
provided by the OTC Bulletin Board and the National Quotation Bureau, LLC "Pink Sheets." Market makers are providing
orderly trading of the stock. Investors should call their brokers for daily pricing and volume information.
As previously announced on May 8, 2000, Stone & Webster has signed a letter of intent with Jacobs Engineering Group Inc.
(NYSE: JEC) regarding a proposed transaction pursuant to which Jacobs would acquire substantially all of Stone & Webster's
assets in exchange for $150.0 million in cash and stock, and the assumption of substantially all of the Company's liabilities
shown on its March 31, 2000 balance sheet, standby letters of credit, and its liabilities under a new credit facility entered into
on May 9, 2000 pursuant to which up to $50.0 million of credit is being made available to the Company. The $50.0 million
credit facility is intended to enable the Company to address its current liquidity difficulties and continue to operate its business
until the asset sale is consummated. In addition, in conjunction with and as a condition to these proposed transactions with
Jacobs, Stone & Webster intends to file a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code
after it signs a definitive sale agreement with Jacobs, which is expected to occur later this month. Subsequent to making these
announcements, Stone & Webster was notified by the New York Stock Exchange that it had suspended trading in the
Company's common stock and would apply to the Securities and Exchange Commission to delist the stock.
Stone & Webster fully expects to continue operating its businesses in the normal course both before and during the Chapter 11
process. The Company and Jacobs have had discussions with many Stone & Webster clients about continuing their work
without interruption. The Company's operations have remained functional and its employees are expected to transition smoothly
into the Jacobs organization. |
