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

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

BAE SYSTEMS (BA.)
Mes dernières consult.
Most popular
  Report  
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsofficial PublicationsSector newsTweets

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 [email protected]

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on BAE SYSTEMS
10:18aBAE : Milrem LCM Sign Maintenance Support Contract For Estonian CV90 Vehicles
AQ
09:19aUltra Electronics under SFO investigation over suspected corruption in Algeri..
RE
04/19BAE SYSTEMS : Ex-dividend day for for final dividend
FA
04/18BAE : UK PM’s Husband’s Capital Group Is Largest Shareholder in BAE,..
AQ
04/18BAE : Australian Trade Unions Reach Landmark Principles Agreement With BAE Syste..
AQ
04/18Lockheed teams up with more German firms on military helicopter bid
RE
04/17BAE : Turrent Ring Assembly
AQ
04/16BAE : GBP10 million investment to develop new technologies for the Maritime Inte..
AQ
04/14BAE : Another employee charged in BAE scam 25th worker accused; plea deal arrang..
AQ
04/14BAE : Kalyani group, bae systems form alliance
AQ
More news
News from SeekingAlpha
04/18Lockheed enhances German partnerships for 'must-win' military helicopter bid 
03/21Powell Enters The Spotlight, Salesforce Makes A Buy, Tesla Enters A Bear Mark.. 
03/21WALL STREET BREAKFAST : Jerome Powell In The Spotlight 
03/21Saudi crown prince meets with Lockheed, Boeing 
03/09BAE Systems to sell 48 Typhoon jets to Saudi Arabia 
Financials ( GBP)
Sales 2018 18 478 M
EBIT 2018 1 910 M
Net income 2018 1 143 M
Debt 2018 763 M
Yield 2018 3,73%
P/E ratio 2018 15,95
P/E ratio 2019 15,22
EV / Sales 2018 1,08x
EV / Sales 2019 1,03x
Capitalization 19 144 M
Chart BAE SYSTEMS
Duration : Period :
BAE Systems Technical Analysis Chart | BA. | GB0002634946 | 4-Traders
Technical analysis trends BAE SYSTEMS
Short TermMid-TermLong Term
TrendsBullishNeutralBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 6,54  GBP
Spread / Average Target 8,9%
EPS Revisions
Managers
NameTitle
Charles Nicolas Woodburn Chief Executive Officer & Director
Roger M. Carr Chairman
Peter J. Lynas Executive Director & Group Finance Director
Nigel Whitehead Chief Technology Officer
Steve N. Millward Chief Information Officer
Sector and Competitors
1st jan.Capitalization (M$)
BAE SYSTEMS4.89%27 190
LOCKHEED MARTIN CORPORATION8.75%100 367
UNITED TECHNOLOGIES CORPORATION-2.38%99 851
AIRBUS SE13.98%90 678
GENERAL DYNAMICS10.83%67 214
RAYTHEON20.90%65 508