LYCOS RETRIEVER 
Reduce Debt: Company
built 639 days ago
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Veolia, at one time at the heart of the Vivendi Universal conglomerate, last year decided to offload assets and restructure its businesses to help reduce a bulging debt amassed by former chairman Jean-Marie Messier. As part of a buying spree, Messier had acquired various water assets, including an interest in Spanish construction company Fomento de Construcciones y Contratas in 1998 and water treatment company United States Filter Corp. for 7.2 billion euros ($8.88 billion) in 1999. USFilter was sold this year to Siemens AG for $993 million. Dow Jones/AP/San Francisco Chronicle_ 9/17/04
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The disposition of these seven parks is a key component of the Company's overall strategy to reduce debt and enhance operational and financial flexiblity. Company management stated earlier this year that its intent was to reduce debt by several hundred million dollars over the next several years. The agreement announced today, combined with the June 2006 sale of the land underlying its Houston AstroWorld theme park for $77 million, will result in gross cash proceeds of $352 million for debt reduction.
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Net cash proceeds from the sale of $12 million will be used to fund restructuring costs of $4 million and an additional voluntary UK pension contribution, and to reduce debt. The company will realize an after-tax gain, net of restructuring costs, of approximately $.13 per share on the transaction. After restructuring is completed, the transaction will be modestly accretive to Federal Signal.
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The Company ... said it is pursuing a number of additional ongoing initiatives to improve liquidity and reduce debt, including continuing to focus on cost effectiveness, which is yielding significant benefits. The Company also has retained Merrill Lynch and JP Morgan to explore strategic alternatives to further deleverage its balance sheet, including the sale of certain assets or businesses.
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The proceeds from the transactions will be used to repurchase shares and reduce debt. On January 3, 2008, Kellwood announced that the Board of Directors authorized the Company to enter into an $80 million accelerated share repurchase program.
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