Washington Group's Bonding Restored.
Business Editors
BOISE, Idaho--(BUSINESS WIRE)--July 10, 2001
Washington Group International, Inc. announced today that the Federal Bankruptcy Court in Reno, Nevada, has approved an agreement in principle between the company and Federal Insurance Company to provide renewed bonding capacity.
The agreement provides Washington Group with bonding capacity for joint venture projects and adequate bonding capacity for those projects that the company intends to pursue alone. The agreement has been consented to by the company's lenders under its current working capital facility.
"A bonding facility like this one -- for a company working through a restructuring such as ours -- is unprecedented in the engineering and construction industry and sends a strong message of support for Washington Group and the success of our Plan of Reorganization," said Stephen G. Hanks, Washington Group President and Chief Executive Officer.
"With this bonding capacity, we can return to an aggressive business development strategy, especially in the growing transportation infrastructure market," Mr. Hanks added. "This is another positive step in our accelerated financial restructuring and an important indicator of the financial community's confidence in Washington Group's operational performance."
Washington Group International, Inc. is a leading international engineering and construction firm. At work in 43 states and more than 35 countries, the company offers a full life-cycle of services as a preferred provider of premier science, engineering, construction, program management, and development in 14 major markets.
Markets Served
Energy, environmental, government, heavy-civil, industrial, mining, nuclear-services, operations and maintenance, petroleum and chemicals, process, pulp and paper, telecommunications, transportation, and water-resources.
This news release contains forward-looking statements within the meaning of the private securities litigation reform act of 1995, which are identified by the use of forward-looking terminology such as may, will, could, should, expect, anticipate, intend, plan, estimate, or continue or the negative thereof or other variations thereof. Such forward-looking statements are necessarily based on various assumptions and estimates and are inherently subject to various risks and uncertainties, including risks and uncertainties relating to the possible invalidity of the underlying assumptions and estimates and possible changes or developments in social, economic, business industry, market, legal, and regulatory circumstances and conditions and actions taken or omitted to be taken by third parties, including the corporation's customers, suppliers, business partners, and competitors and legislative, regulatory, judicial, and other governmental authorities and officials.
BOISE, Idaho--(BUSINESS WIRE)--July 10, 2001
Washington Group International, Inc. announced today that the Federal Bankruptcy Court in Reno, Nevada, has approved an agreement in principle between the company and Federal Insurance Company to provide renewed bonding capacity.
The agreement provides Washington Group with bonding capacity for joint venture projects and adequate bonding capacity for those projects that the company intends to pursue alone. The agreement has been consented to by the company's lenders under its current working capital facility.
"A bonding facility like this one -- for a company working through a restructuring such as ours -- is unprecedented in the engineering and construction industry and sends a strong message of support for Washington Group and the success of our Plan of Reorganization," said Stephen G. Hanks, Washington Group President and Chief Executive Officer.
"With this bonding capacity, we can return to an aggressive business development strategy, especially in the growing transportation infrastructure market," Mr. Hanks added. "This is another positive step in our accelerated financial restructuring and an important indicator of the financial community's confidence in Washington Group's operational performance."
Washington Group International, Inc. is a leading international engineering and construction firm. At work in 43 states and more than 35 countries, the company offers a full life-cycle of services as a preferred provider of premier science, engineering, construction, program management, and development in 14 major markets.
Markets Served
Energy, environmental, government, heavy-civil, industrial, mining, nuclear-services, operations and maintenance, petroleum and chemicals, process, pulp and paper, telecommunications, transportation, and water-resources.
This news release contains forward-looking statements within the meaning of the private securities litigation reform act of 1995, which are identified by the use of forward-looking terminology such as may, will, could, should, expect, anticipate, intend, plan, estimate, or continue or the negative thereof or other variations thereof. Such forward-looking statements are necessarily based on various assumptions and estimates and are inherently subject to various risks and uncertainties, including risks and uncertainties relating to the possible invalidity of the underlying assumptions and estimates and possible changes or developments in social, economic, business industry, market, legal, and regulatory circumstances and conditions and actions taken or omitted to be taken by third parties, including the corporation's customers, suppliers, business partners, and competitors and legislative, regulatory, judicial, and other governmental authorities and officials.
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| Publication: | Business Wire |
|---|---|
| Date: | Jul 10, 2001 |
| Words: | 383 |
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