M&A - GULF ISLAND FABRICATION INC

Form Type: 8-K

Filing Date: 2025-06-17

Corporate Action: Acquisition

Type: Update

Accession Number: 000095017025087393

Filing Summary: Gulf Island Fabrication, Inc. provided an update regarding its acquisition activities related to ENGlobal Corporation, which filed for chapter 11 bankruptcy relief on March 5, 2025. The company entered into a senior secured, super-priority debtors-in-possession credit agreement on March 6, 2025, allowing it to lend ENGlobal up to $2.5 million, which was later increased to $3.5 million as approved by the Bankruptcy Court on May 27, 2025. On June 16, 2025, Gulf Island Fabrication completed the acquisition of ENGlobal's automation business and certain related liabilities effective May 12, 2025, and its engineering and government services businesses effective June 16, 2025. This acquisition involved a total cash payment of $5.0 million, excluding transaction costs, with $1.2 million paid in the first quarter of 2025 and the remaining amount settled in the second quarter. Additionally, the company assumed a senior secured loan of $2.4 million from Alliance 2000, Ltd., a creditor of ENGlobal, in exchange for a cash payment of $1.5 million.

Form Type: 10-Q

Filing Date: 2025-05-07

Corporate Action: Acquisition

Type: New

Accession Number: 000095017025064675

Filing Summary: Gulf Island Fabrication, Inc. filed a quarterly report for the period ending March 31, 2025. The report highlights financial results including a revenue of $40.3 million, down from $42.9 million in the previous year, with a net income of $3.8 million reflecting a reduction in costs. The company noted an acquisition of ENGlobal Business under an asset purchase agreement, which involves the assumption of a $2.4 million loan. Additionally, the company disclosed progress on a DIP credit agreement for liquidity support amidst ENGlobal's Chapter 11 bankruptcy. Financial statements exhibited a total assets increase to $138.2 million, primarily due to cash and investment adjustments, despite challenges in operating income and market conditions affecting revenue streams.