Babcock & Wilcox Working With Advisors To Address Debt
Investment bank B. Riley holds a more-than 30% stake in Babcock & Wilcox.
Photo: Eric Thayer/Bloomberg News
Energy installation and technology company Babcock & Wilcox is working with investment bank Evercore and law firm O'Melveny & Myers to explore options for its debt stack as it faces a slumping stock price and litigation risks, people familiar with the matter said.
The 158-year-old company has been negotiating with bondholders to trim down its nearly $500 million in debt, and is close to a possible deal that would include swapping some of the bonds for equity, the people said. The company also completed a small asset sale last month and is working on another larger asset sale transaction, the people said.
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