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Smith Technology Corp

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BUSINESS
October 11, 1997 | Times staff and wire reports
Debt-ridden Smith Technology Corp., an environmental cleanup company that tried to restructure operations, has filed a bankruptcy petition in Delaware to reorganize its financial obligations. Smith listed $72.3 million in liabilities, more than three times its $22.2 million in assets, in the U.S. Bankruptcy Court petition filed Wednesday. The majority of that debt consists of loans from Chase Manhattan Bank and BTM Capital Corp., each of which is owed $24.2 million.
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BUSINESS
October 11, 1997 | Times staff and wire reports
Debt-ridden Smith Technology Corp., an environmental cleanup company that tried to restructure operations, has filed a bankruptcy petition in Delaware to reorganize its financial obligations. Smith listed $72.3 million in liabilities, more than three times its $22.2 million in assets, in the U.S. Bankruptcy Court petition filed Wednesday. The majority of that debt consists of loans from Chase Manhattan Bank and BTM Capital Corp., each of which is owed $24.2 million.
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BUSINESS
August 21, 1997 | Dow Jones
Smith Technology Corp., an environmental cleanup company, said Wednesday that it sold its engineering division's assets to a New York City company for about $12.9 million. ATC Group Services Inc. paid $5.5 million in cash, issued $3 million in short-term promissory notes and assumed $4.4 million in liabilities. It also hired all the group's employees, who are spread through the country.
BUSINESS
March 4, 1997
Smith Technology Corp. said Monday that it has agreed to sell three consulting offices to Elson T. Killam Associates. Terms of the transaction were not disclosed. Smith, which provides engineering and remediation services, said the transaction will generate cash to meet ongoing needs. The offices are in Mobile, Ala.; Panama City, Fla.; and Dallas.
BUSINESS
November 30, 1996 | Times Staff and Wire Reports
Smith Technology Corp., a Newport Beach-based environmental services company, said it is being delisted from the Nasdaq National Market. Nasdaq told the firm it doesn't meet Nasdaq's net tangible asset and bid price requirements. Smith Technology executives were unavailable for comment, but the company said in a statement that it developed plans to correct the deficiency and expects to apply for re-listing in 1997.
BUSINESS
November 24, 1996
Smith Technology Corp. said it has reached a tentative settlement with a group that had received an arbitration award of $4.5 million stemming from a dispute over the operation of a recycling and processing plant near Portland, Ore. Under terms of the settlement, Smith Technologies agreed to make payments of at least $2.25 million to PRP Group for up to six years. The dispute involves a contract between PRP Group and Canonie Environmental Services Corp.
BUSINESS
August 21, 1997 | Dow Jones
Smith Technology Corp., an environmental cleanup company, said Wednesday that it sold its engineering division's assets to a New York City company for about $12.9 million. ATC Group Services Inc. paid $5.5 million in cash, issued $3 million in short-term promissory notes and assumed $4.4 million in liabilities. It also hired all the group's employees, who are spread through the country.
BUSINESS
December 9, 1996
Smith Technology Corp. said it has received a $10 million contract to oversee asbestos removal at Sandia National Laboratories. Besides Sandia facilities in Albuquerque, where Smith's team will be based, the contract also calls for testing and other work at facilities in Livermore, Calif., Tonopah, Nev., and Kauai, Hawaii.
BUSINESS
March 4, 1997
Smith Technology Corp. said Monday that it has agreed to sell three consulting offices to Elson T. Killam Associates. Terms of the transaction were not disclosed. Smith, which provides engineering and remediation services, said the transaction will generate cash to meet ongoing needs. The offices are in Mobile, Ala.; Panama City, Fla.; and Dallas.
BUSINESS
November 30, 1996 | Times Staff and Wire Reports
Smith Technology Corp., a Newport Beach-based environmental services company, said it is being delisted from the Nasdaq National Market. Nasdaq told the firm it doesn't meet Nasdaq's net tangible asset and bid price requirements. Smith Technology executives were unavailable for comment, but the company said in a statement that it developed plans to correct the deficiency and expects to apply for re-listing in 1997.
BUSINESS
November 24, 1996
Smith Technology Corp. said it has reached a tentative settlement with a group that had received an arbitration award of $4.5 million stemming from a dispute over the operation of a recycling and processing plant near Portland, Ore. Under terms of the settlement, Smith Technologies agreed to make payments of at least $2.25 million to PRP Group for up to six years. The dispute involves a contract between PRP Group and Canonie Environmental Services Corp.
BUSINESS
December 13, 1996
Smith Technology Corp. said it has received $830,000 from San Francisco Dry-dock Inc. for helping to clean up a recent oil spill. About 70,000 gallons of oil were released Oct. 28 from the ship "Cape Mohican," Smith said. The Newport Beach firm helped recover 60,000 gallons within the dry-dock area. Work on the spill should be completed this month, Smith said.
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