Sources: Zero Energy Systems, Coralville, Iowa; CP staff
Precast concrete wall and building element producer Zero Energy Systems has filed a voluntary petition for legal reorganization. Management anticipates fulfilling contracted and future precast panel orders, and notes that the filing stems from a dispute with a lender on company strategy.
Sources: Armtec Infrastructure Inc. Concord, Ontario; CP staff
Toronto Stock Exchange-traded Armtec Infrastructure reports $474 million in 2014 revenue, up $18 million or 4 percent from the prior year, with Precast Concrete Solutions and Drainage Solutions business units accounting for $313 million and $161 million, respectively. The moderate financial performance is cited against the bleak backdrop of a challenging capital structure; significant debt levels; restrictive debt covenants; and, a nearly $47 million decline in market enterprise value during the fourth quarter of 2014.