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