Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

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

Delayed Quote. Delayed  - 08/26 05:35:08 pm
540.5 GBp   +2.27%
08/26 BAE : *berenberg raises bae systems to 'buy' ('hold') - target 580 (..
08/24 US MARINES AMPH : DSEs Rugged Display and Video Distribution Hub Use..
08/24 AIRBUS : Network with Airbus, BAE Systems and Thales at SMi’s ..
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 

BAE Systems plc : Defense Contractor Star Dynamics Files for Bankruptcy

share with twitter share with LinkedIn share with facebook
share via e-mail
0
12/11/2013 | 08:28pm CEST
   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
0
Latest news on BAE SYSTEMS PLC
08/26 BAE : MSP at Pounds 6m link opening
08/26 BAE : *berenberg raises bae systems to 'buy' ('hold') - target 580 (520) pence
08/24 US MARINES AMPHIBIOUS VEHICLE COMPET : DSEs Rugged Display and Video Distributio..
08/24 AIRBUS : Network with Airbus, BAE Systems and Thales at SMi’s Naval Missio..
08/24 BAE : India likely to seek more time, freeze on price to buy howitzers
08/20 BAE : worker found in room died of natural causes
08/19 BAE : Ngaus 2016
08/18 BAE : worker died of natural cause
08/17 BAE : Delivers Sea Power Tug to Seabulk Tankers
08/17 BAE : Apprenticeship programme awarded prestigious Princess Royal Training Award
More news
Sector news : Aerospace & Defense - NEC
08/25 Japan's ANA finds problem with Boeing 787 Rolls-Royce engines, cancels some f..
08/25DJBOEING : U.S. Durable-Goods Orders Rebounded in July, Jumping 4.4%
08/22 BOEING INTERNAL FORECAST SEES 535 JE : AvWeek
08/18 Boeing says China demand for aircraft steady despite economic slowdown
08/16DJU.K. to Buy More Dogfight Missiles for Jets in GBP184 Million Deal
More sector news : Aerospace & Defense - NEC
News from SeekingAlpha
07/26 MILITARY (AND PORTFOLIO) DEFENSE : Time To Re-Up
07/20 U.K. defense secretary urges U.S. to approve Lockheed F-35 jets
07/18 Why Turkey Changes Everything
07/11 Price of F-35 jets down 57%, Lockheed Martin CEO says
06/27 Transnational Companies - More Reliable Than Countries Right Now
Advertisement
Financials ( GBP)
Sales 2016 18 340 M
EBIT 2016 1 786 M
Net income 2016 993 M
Debt 2016 2 032 M
Yield 2016 4,03%
P/E ratio 2016 15,41
P/E ratio 2017 14,07
EV / Sales 2016 1,03x
EV / Sales 2017 0,98x
Capitalization 16 775 M
More Financials
Chart BAE SYSTEMS PLC
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
TrendsNeutralBullishBullish
Technical analysis
Income Statement Evolution
More Financials
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 5,61  GBP
Spread / Average Target 6,2%
Consensus details
EPS Revisions
More Estimates Revisions
Managers
NameTitle
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 PLC5.78%22 258
UNITED TECHNOLOGIES CO..11.70%90 355
LOCKHEED MARTIN CORPOR..12.57%75 157
GENERAL DYNAMICS CORPO..10.35%46 491
AIRBUS GROUP-17.40%44 610
RAYTHEON COMPANY13.16%41 629
More Results