The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of substantially all the assets of Williams Industrial Service Group Inc. on August 19, 2023. The Court approved the asset purchase agreement between the debtor and EnergySolutions Nuclear Services, LLC, the stalking horse bidder, for the sale of substantially all its assets for a purchase price of $60 million in cash plus the assumption of the assumed liabilities. To qualify as a qualified bidder, interested parties should submit their bids by August 29, 2023.

The initial minimum overbid should be in the amount of $0.25 million more than the initial purchase price. If the debtor receives any qualified bids then it would hold an auction for its assets on August 31, 2023. At the auction, the subsequent bids would be in increments of $0.25 million.

The stalking horse bidder would be entitled to a break-up fee of $1.80 million and expense reimbursement of $1 million in case of termination of the asset purchase agreement. The sale hearing is scheduled for September 7, 2023.