Willbros Board Approves Change in Corporate Domicile to Delaware
Willbros Group, Inc. (WG) today announced that its Board of Directors has approved a plan to reorganize the Company by changing its corporate domicile from Panama to Delaware and to complete other internal restructuring transactions. Under the plan, Willbros Group, Inc., a newly formed Delaware corporation, will become the parent holding company of Willbros Group, Inc. (Panama). Willbros Group, Inc. (Panama) will continue to own the foreign operations and will spin-off the U.S. operations to the new parent company, Willbros Group, Inc. (Delaware). The reorganization, other than the internal spin-off, is subject to the approval of the holders of a majority of Willbros’ outstanding common shares.
The press release is available from the Willbros website.
Willbros Group, Inc. is an independent contractor serving the oil, gas, power, refining and petrochemical industries, providing engineering, construction, turnaround, maintenance, life cycle extension services and facilities development and operations services to industry and government entities worldwide.
I just read the press release. Interesting to see they expect the incorporation in Delaware to
“assist in the execution of our global business strategy by: (i) enhancing our ability to access capital in order to fund future business growth whether organically or by acquisition, (ii) increasing our opportunities in the government sector, (iii) attracting the best talent globally, and (iv) allowing us to focus better on each U.S. and international operation. We expect each of these benefits to generate increased value and returns for our stockholders.” “