Move Buys Firm a Little Time From Its Creditors : American Toxxic Sells BCL to Bolster Cash Position
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American Toxxic Control Inc., a troubled Huntington Beach maker of equipment for cleaning up hazardous waste, said Monday that it had agreed to sell its BCL Associates Inc. unit.
The buyer is Earth Technology Corp., a publicly held environmental engineering consultant in Long Beach.
The terms were not disclosed. American Toxxic said it was selling BCL--a Huntington Beach environmental consulting and testing concern--because American Toxxic is short of cash. Also, it is still in danger of defaulting on a $4-million debt, the company said.
The sale of BCL--expected to close by the end of the month--bought American Toxxic a little more time from its creditors, Merrill Lynch Business Capital Inc. and a small San Francisco investment fund, BBU Mezzanine Fund. The two have now extended their deadline to May 25 for declaring American Toxxic in default, the company said Monday.
Earth Technology, meanwhile, employs 350 and had earnings of $1.2 million last year on revenue of $40.8 million.
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