October 20, 1996
Struggling Wahlco Environmental Systems Inc. has appointed a new president and chief executive and announced a restructuring plan. The maker of air-pollution-control equipment named C. Stephen Beal president and chief executive. Beal was president and chief executive of Wahlco's Engineered Products Group. He replaces Mark Plaumann, who resumes his duties as senior vice president of Wexford Management LLC, a unit of Wexford Capital Corp., which has an 80% stake in Wahlco.
September 2, 1996
Wahlco Environmental Systems Inc. said it has completed a loan agreement with its majority shareholder that gives the maker of air pollution control equipment up to $1.6 million of additional working capital. The loan agreement with WES Acquisition Corp. extends through the end of the year and gives Wahlco the ability to draw on the funds immediately.
June 4, 1996 |
In the wake of a string of annual losses that topped $101 million, Wahlco Environmental Systems Inc. said Monday that longtime chairman, president and chief executive Henry N. Huta has resigned. Mark Plaumann, an officer of the Connecticut-based investment firm that bought 81% of Wahlco's stock a year ago, becomes president and chief executive of the maker of pollution control equipment.
May 20, 1996
Wahlco Environmental Systems Inc., which makes air pollution control equipment as well as water purification and bottling systems, reported a first-quarter net loss of $810,000, or 5 cents a share, compared to a net loss of $517,000, or 3 cents a share, for the 1995 first quarter. Revenue declined 16% to $13.4 million from $15.9 million. The company attributed the loss for the 1996 quarter to lack of large utility contracts for its Flue Gas Conditioning Systems.
May 2, 1996
Financially ailing Wahlco Environmental Systems Inc. said Wednesday that it has signed a new agreement with one of its banks, securing a $3-million line of credit through Oct. 25. Approximately $1.9 million already has been drawn down. Wahlco has been negotiating a credit restructuring with Silicon Valley Bank since defaulting on certain terms of the loan in December. The company said it is continuing efforts to restructure its assets and business.
April 17, 1996
Wahlco Environmental Systems Inc., which designs and makes air pollution control equipment and water purification and bottling systems, posted a loss last year on lower revenue. The company also said it had violated parts of its credit agreement with Silicon Valley Bank and was in default. Wahlco said it is in negotiations to restructure the credit arrangement. The company lost $11.4 million, or 64 cents a share, down from $66.1 million, or $3.75 a share, for 1994, which included a $54.