Company: BWNB
Filing Date: 2025-08-11
Form Type: 10-Q
Source: 0001630805-25-000062
Chunk: 17

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-08-11
Form: 10-Q
Item: Part I, Item 2
Chunk 17
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 the Company's 6.50% Senior Notes due 2026 and $84.0 million aggregate principal amount of the Company's 8.125% Senior Notes due 2026 being exchanged for $100.7 million aggregate principal amount of newly-issued 8.75% Senior Notes (described in Note 13 to the Condensed Consolidated Financial Statements);

•commenced a cash tender offer for the Company's remaining 6.5% Senior Notes due 2026 and 8.125% Senior Notes due 2026 (described in Note 13 to the Condensed Consolidated Financial Statements);

•signed the Ninth Amendment to the Credit Agreement to extend the maturity date of the Credit Facility to November 30, 2026 (described in Note 21 to the Condensed Consolidated Financial Statements); and

•are actively in discussions with certain parties to further divest non-core assets. We cannot provide any assurances that such transaction will close or that proceeds will not be more or less than we anticipate.

Based on our ability to raise funds through the actions noted above and our Cash and cash equivalents as of June 30, 2025, we have concluded it is probable that such actions would provide sufficient liquidity to fund operations for the next twelve months following the date of this Quarterly Reports. 

Cash and Cash Flows 

At June 30, 2025, our cash and cash equivalents, and restricted cash totaled $110.8 million, and we had total debt of $471.3 million as well as $191.7 million of gross preferred stock outstanding. Our foreign business locations held $13.1 million of our total cash and cash equivalents and restricted cash as of June 30, 2025. In general, our foreign cash balances are not available to fund our U.S. operations unless the funds are repatriated or used to repay intercompany loans made from the U.S. to foreign entities, which could expose us to taxes we have not made a provision for in our results of operations. We have no plans to repatriate these funds to the U.S. In addition, we had $72.3 million of restricted cash as of June 30, 2025 related to collateral for certain letters of credit as part of funding for several ongoing projects. 

Cash flows used in operating activities was $33.8 million in the six months ended June 30, 2025, which is primarily attributable to the year-to-date net loss of $80.5