Log in
Forgot password ?
Become a member for free
Sign up
Sign up
Dynamic quotes 

4-Traders Homepage  >  Equities  >  London Stock Exchange  >  BAE Systems plc    BA.   GB0002634946

News SummaryMost relevantAll newsSector newsTweets 

BAE Systems plc : Defense Contractor Star Dynamics Files for Bankruptcy

share with twitter share with LinkedIn share with facebook
share via e-mail
12/11/2013 | 08:28pm CET
   By Stephanie Gleason 

Star Dynamics Corp., an Ohio defense contractor that has been embroiled in a legal battle with a BAE Systems PLC subsidiary (BAESY, BA.LN) for the last year, has filed for Chapter 11 bankruptcy with a plan to sell its assets.

The company said in documents filed Tuesday with the U.S. Bankruptcy Court in Columbus, Ohio, that in July 2013, a state court issued an interim injunction preventing it from bidding on certain contracts identified by BAE and from developing a radar system.

BAE had alleged "misappropriation of secrets," but most of the proceedings aren't public due to the nature of Star's and BAE's businesses.

Although the order hasn't become final and Star said it is objecting, the fight has drained resources during a time of industry-wide plight caused by cuts to federal spending. With more than $50.9 million in debt, Star decided that a bankruptcy sale of its assets was the best option.

The company is early in the process of marketing its assets but has hired a financial adviser to help identify potential purchasers.

Located primarily in Hillard, Ohio, but with offices in Herndon, Va., and Sandestin, Fla., Star logged $8.1 million in sales through Nov. 30. As a result of its failure to generate more revenue, Star has been supported largely through loans, some of which have been made by institutional lenders, but the majority--$32 million as of Tuesday--has come from Star's owner, Tom Becnel.

Mr. Becnel is also the owner and chief executive of Sandestin Golf and Beach resort, a 2,400-acre vacation resort and neighborhood along the Gulf of Mexico between Pensacola and Panama City, Fla., and is the cofounder of Southern Fidelity Insurance Co.

He acquired Star in 2008 and changed the name from Aeroflex Powell Inc., which it was established as in 1994.

The company sells radar systems, including time, space and position tracking information, to the U.S. military, the Swedish Defence Materiel Administration, the Korean Agency for Defense Development and the Israeli Ministry of Defense.

It employs 112 people and said its assets are worth $28.4 million.

(Dow Jones Daily Bankruptcy Review covers news about distressed companies and those under bankruptcy protection. Go to http://dbr.dowjones.com)

Write to Stephanie Gleason at stephanie.gleason@wsj.com

share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news on BAE SYSTEMS PLC
12:15p TOP NEWS SUMMARY : Ian King To Step Down After 9 Years At Helm Of BAE
11:59aDJBAE : Appoints Charles Woodburn as New CEO -- Update
10:53aDJIAN KING : BAE Systems Appoints Charles Woodburn to Replace CEO Ian King in July
10:36a BAE : Notice of Directorate change
10:11a BAE : Directorate Change
10:10a TOP NEWS : BAE Systems Chief King To Retire, Woodburn To Take Over
02/21 BAE : acquires Kettering engineering company
02/21 BAE : New research shows perceptions of STEM subjects is improving
02/21 BAE : Baesystems - GBP25m specialist apprentice training facility investment
02/21 BAE : GBP25m specialist apprentice training facility investment
More news
Sector news : Aerospace & Defense - NEC
11:59aDJBAE : Appoints Charles Woodburn as New CEO -- Update
11:08aDJAIRBUS : Correction to Airbus Profit Story
11:02aDJAIRBUS : Profit Hit by Charge on Troubled Military Plane Program -- 2nd Update
09:38a Airbus COO says Zodiac must not get distracted by Safran merger
08:49a AIRBUS : CEO says Pratt & Whitney needs to improve on A320neo engine
More sector news : Aerospace & Defense - NEC
News from SeekingAlpha
02/20 DEFENSE SECTOR UPDATE FEBRUARY 13TH- : What To Do About Drones?
02/13 DEFENSE SECTOR UPDATE FEBRUARY 6TH-1 : Jet Readiness Plummets, Lockheed Martin's..
02/09 BAE, Northrop, Raytheon, Teledyne among companies in $3B Army contract
02/07 DEFENSE SECTOR UPDATE JANUARY 30TH-F : Raytheon, Lockheed And Missile Defense
02/01 Northrop, BAE decide against Air Force trainer program
Financials ( GBP)
Sales 2016 18 444 M
EBIT 2016 1 815 M
Net income 2016 997 M
Debt 2016 1 696 M
Yield 2016 3,50%
P/E ratio 2016 17,83
P/E ratio 2017 16,06
EV / Sales 2016 1,14x
EV / Sales 2017 1,06x
Capitalization 19 328 M
More Financials
Duration : Period :
BAE Systems plc Technical Analysis Chart | BA. | GB0002634946 | 4-Traders
Full-screen chart
Technical analysis trends BAE SYSTEMS PLC
Short TermMid-TermLong Term
Technical analysis
Income Statement Evolution
More Financials
Mean consensus OUTPERFORM
Number of Analysts 20
Average target price 6,34  GBP
Spread / Average Target 4,1%
Consensus details
EPS Revisions
More Estimates Revisions
Ian Graham King Chief Executive Officer & Executive Director
Roger M. Carr Chairman
Charles Nicolas Woodburn Chief Operating Officer & Executive Director
Peter J. Lynas Executive Director & Group Finance Director
Harriet Green Independent Non-Executive Director
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
BAE SYSTEMS PLC2.87%24 140
AIRBUS GROUP7.00%54 704
More Results