|Over a week ago|
Steel Partners withdraws FY20 guidance, initiates cost reduction actions » 08:1403/2503/25/20
Steel Partners announced…
Steel Partners announced business and financial updates in response to the impact of the novel coronavirus, or COVID-19, pandemic. The company continues to evaluate the global risks to public health and the slowdown in business activity related to the COVID-19 pandemic, including the potential impacts on its employees, customers, suppliers and financial results. To date, there have been no material impacts to the company's operations as a result of COVID-19, and the company currently anticipates no material impact to its financial results for Q1. As the situation surrounding COVID-19 remains fluid, it is difficult to predict the duration of the pandemic and its impact on the company's business, operations and financial condition. There is no certainty that federal, state, or local regulations regarding safety measures to address the spread of COVID-19 will not adversely impact the company's operations. The company has initiated cost reduction actions, including deferral of management and board fees, employee furloughs, and staffing and salary reductions in certain operations to mitigate the financial impact of the COVID-19 pandemic. The company will evaluate further actions if circumstances warrant. Due to the rapidly evolving impact of COVID-19 on the global economy, the company is withdrawing its previously issued FY20 guidance. The company will reconsider its ability to provide 2020 guidance in connection with its Q1 earnings release. During March, the company borrowed approximately $140M under its senior credit facility as part of a precautionary approach to increase the company's cash and liquidity position and maximize its financial flexibility in light of the current volatility in the global markets resulting from the COVID-19 outbreak. These borrowings are currently being held on the company's balance sheet and may be used for working capital, general corporate, or other permitted purposes. After the drawdowns, the company had approximately $164M of cash on hand and approximately $227M of marketable securities; however, such balances are subject to change based on market conditions.
Steel Partners trading resumes 10:3003/1603/16/20
Steel Partners trading halted, volatility trading pause 10:2503/1603/16/20
|Over a month ago|
Steel Partners to host special shareholder meeting » 08:4702/2002/20/20
Special Shareholder Meeting to approve the adoption of the Eighth Amended and Restated Agreement of Limited Partnership will be held in New York on February 20 at 2 pm.
Steel Partners commences wind-down of API Group subsidiary's U.K. operations » 07:1101/3101/31/20
Steel Partners' wholly owned subsidiaries API Group and certain of its affiliates have commenced administration proceedings in the United Kingdom with the purpose of facilitating an orderly sale or wind-down of its U.K. operations, which include API Laminates and API Foils Holdings. In the U.S,, API Americas is continuing to explore strategic alternatives, including potential asset sales and/or orderly liquidation. Steel Partners expects that for financial reporting and accounting purposes, the API Group businesses will be treated as discontinued operations in future periods