COMPANY NEWS: Williams evades potential bankruptcy through asset sales

08/19/2002
Williams Cos. Inc. earlier this month announced a number of transactions designed to resolve some its liquidity problems.The Tulsa-based company-along with other US energy merchants-has been under pressure to gain the capital needed to reduce its debt and strengthen its balance sheet (OGJ, Aug. 5, 2002, p. 30).Late last month, Williams reported a second quarter loss of $497 million attributable to its energy-trading unit.Other recent company news includes:Paramount Resources Ltd. acquired Summit Resources Ltd. for $332 million, including $80 million in Summit debt. Both companies are based in Calgary.AgipPetroli SPA, a unit of Italy's ENI SPA, and Portuguese firm Galp Energia SGPS SA ...
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