Blue Dot Services Sells Businesses

SIOUX FALLS, S.D. — Blue Dot Services Inc. announced that the company has completed the sale of six business locations during the third quarter of 2003 and has reduced that balance under its existing credit facility from $20 million to less than $10 million. The company also reported that it extended a forbearance agreement with its bank through Oct. 31 as it continues to work to further reduce the outstanding balance under its credit facility.

Dan Newell, president and CEO of Blue Dot, said the company’s sale of its business locations generated net proceeds enabling the company to reduce the balance on its credit facility and satisfy other obligations. Newell also said that Blue Dot is continuing to work with its majority stockholder, NorthWestern Corp., on the sale of its remaining business locations and expects proceeds to be used to further reduce its credit facility and improve Blue Dot’s liquidity.

Blue Dot and its subsidiaries are not included in NorthWestern’s Chapter 11 reorganization filing, according to Newell. He stated that Blue Dot’s cash on hand, plus ongoing cash flow from operations, should be sufficient to meet its expected operation requirements through the end of 2003.

Blue Dot and its business locations continue to pay its vendors and suppliers in the ordinary course of business, and it does not expect NorthWestern’s Chapter 11 reorganization filing to materially affect the company’s ongoing operations.

Publication date: 09/22/2003

Did you enjoy this article? Click here to subscribe to The NEWS Magazine

You must login or register in order to post a comment.



Image Galleries

2015 ACCA Conference

Images from the 2015 ACCA Conference in Grapevine, Texas. Posted on April 8, 2015.


NEWSMakers: Mark Crockett
Mark Crockett vice president, Crockett Facilities Services, explains the importance of technician training, the value of being a top minority-owned company in the U.S., current projects the company is managing, and much more. Posted on April 24.
More Podcasts


NEWS 05-04-15 cover

2015 May 4

Check out the weekly edition of The NEWS today!

Table Of Contents Subscribe

Legislation and Regulation

What legislative/regulatory issue is most important to you as a HVAC business owner?
View Results Poll Archive


2015 National Plumbing & HVAC Estimator

Every plumbing and HVAC estimator can use the cost estimates in this practical manual!

More Products

Clear Seas Research


Clear Seas ResearchWith access to over one million professionals and more than 60 industry-specific publications, Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.


Magazine image
Register today for complete access to Get full access to the latest features, Extra Edition, and more.


facebook icontwitter iconyoutube iconLinkedIn i con