HVAC Breaking News

Sept. 19, 2003: Blue Dot Sells Six Business Locations

September 19, 2003
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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 the 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: 09/15/2003

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