Hettinger Emerges from Substantial Reorganization

Apr 1, 2010

Restructured Company Poised for 30 Percent Growth in 2010

Gillette, WY – Hettinger, LLC, one of the largest construction service and pipeline companies in the Rocky Mountain region serving the oil and gas, mining and utility industries, announced its emergence from reorganization. The reorganization was intended to retire debt, maximize synergies among operating divisions and attract new cash investment. All have been achieved at Hettinger and the company has emerged stronger, attracting new projects in 2010 throughout the Rockies, Louisiana, Pennsylvania and Arkansas. As part of the reorganization, the board of directors has named P. Elliott Burnside to the post of Chief Executive Officer of Hettinger in 2009.

The company received unanimous participation from all members and key constituents in the capital restructure. Long-term loans and lease agreements for property and equipment have been restructured to provide the company substantial liquidity. Underutilized equipment has been sold, and Clearview Capital and The Hartford, the company’s major investors, have infused new capital into the business. The company’s operating structure has been streamlined in the process. “The implementation of these initiatives has positioned Hettinger to aggressively pursue growth and expansion following a nationwide downturn in the oil and gas industry in 2009,” Burnside said.

“We have identified opportunities to further bolster our financial health, and we are pleased that our financial and management stability, along with our reputation for quality work and safety, has allowed us to secure many sizeable new projects here in the Rockies, and as far away as the Marcellus Shale in Pennsylvania, and the Haynesville Shale in Louisiana,” continued Burnside.

“We anticipate a 30 percent growth and significant job expansion over the course of this year.”

The company was assisted through the restructuring by Carl Marks Advisory Group, LLC.

Hettinger has an operational presence in Colorado, Wyoming, North Dakota, and Utah, including a 56,000-square-foot facility in Berthoud, Colo.; a 30,000-square-foot facility in Gillette, Wyo.; recently opened offices in the Haynesville field in Louisiana; and the Marcellus in Pennsylvania. The company provides design and project management, engineering and construction services for its customers principally in mining, utilities, oil and natural gas midstream and upstream markets.

Hettinger was acquired by Clearview Capital in 2006. In 2007, Eagle Excavation, Inc. and Dakota Line Contractors, LLC, were acquired as add-on acquisitions. Mayo Industries, Inc. was added to the Hettinger portfolio in early 2008.

Mark Hettinger, who founded the company more than 30 years ago, remains actively involved on the company’s board of directors. Burnside has more than 30 years experience as a senior executive, providing financial, operational, and construction advisory and restructuring services.

For more information about Hettinger and any of its services, call (216) 696-0229 or visit www.hettingerllc.com.

About Hettinger

Hettinger Welding, LLC is a leading provider of pipeline and facilities construction and maintenance services for customers building natural gas infrastructure. Based in Lakewood, Colo., with facilities in Gillette, Wyo., Berthoud, Colo., Bismarck, N.D., Louisiana and Pennsylvania., the company is well-positioned to benefit from the rapid expansion of gas exploration and production throughout the Rockies and other major gas basins throughout the country.


Editor’s Note

Elliott Burnside is available for interview to discuss the reorganization in further detail. To make arrangements to speak with Burnside, please contact John Znidarsic, jznidarsic@fallscommunications.com, (440) 665-6488.