Boots & Coots International Well Control, Inc (WEL)

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Press Release Source: Boots & Coots International Well Control, Inc.


Boots & Coots Announces Payment of Checkpoint Business, Inc. Note
Friday March 28, 7:23 pm ET


HOUSTON, March 28 /PRNewswire-FirstCall/ -- Boots & Coots International Well Control, Inc. (Amex: WEL - News) announced today that its Board of Directors decided against the restructuring proposal from Checkpoint Business, Inc. ("Checkpoint"). This proposal would have involved a voluntary Chapter 11 bankruptcy filing by Boots & Coots and the cancellation of Boots & Coots' common equity as part of the bankruptcy process. Additionally, Boots & Coots announced that it had paid in full its principal balance and interest outstanding under its Loan Agreement with Checkpoint.
Boots & Coots Chairman Kirk Krist said, "Satisfying the financial obligation with Checkpoint is one more significant step in our financial restructuring initiatives. The Company continues to pursue opportunities to improve our balance sheet and shareholder value. This has been a difficult process and we are appreciative of our shareholders' patience. We remain committed to working in the best interest of our creditors and shareholders