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Houston Wire & Cable Co. to sell Southwest Wire Rope division HOUSTON â Houston Wire & Cable Co. announced that it has entered into a definitive asset purchase agreement for the sale of its Southwest Wire Rope business for a purchase price of $5 million, subject to a working capital adjustment. The sale excludes about $2.6 million of trade accounts receivable, which HWCC will retain. HWCC expects to use the net sales proceeds and accounts receivable collections to further reduce Revolver debt. HWCC has already reduced Revolver debt to about $21.4 million as of Jan. 13 from a peak of $95.2 million in first quarter 2020. The transaction is subject to customary closing conditions and is expected to close in the first quarter. ....
W&T Offshore Provides Operational and Financial Update W&T Offshore, Inc. Houston, Texas, UNITED STATES HOUSTON, Jan. 11, 2021 (GLOBE NEWSWIRE) W&T Offshore, Inc. (NYSE: WTI) (“W&T” or the “Company”) today provided an operational and financial update regarding several matters including the consolidation of its two Alabama natural gas treatment facilities, the awarding of two blocks from the November 2020 federal Gulf of Mexico (“GOM”) lease sale, the semi-annual redetermination of the borrowing base under its revolving credit facility, and new crude oil hedges added. Consolidation of Alabama Natural Gas Treatment Facilities W&T has substantially completed the consolidation of its two onshore natural gas treatment facilities that service the Mobile Bay area into the Onshore Treating Facility (“OTF”) which was acquired in 2019 from ExxonMobil. W&T is in the final stages of closing its Yellowhammer Plant and expects all ....