Metalclad to Look for ‘Strategic Alternatives’
Metalclad Corp., a Newport Beach waste disposal company, said Thursday that it plans to pursue “potential strategic alternatives” once it collects a $16.7-million North American Free Trade Agreement arbitration award.
The company did not explain what those alternatives might be. It said in a press release that it may engage outside advisors to assess opportunities already identified and to present others.
Metalclad said it has been assured by its lawyers that the award against a Mexican state government cannot be appealed and is collectible. The company said previously that a tribunal had ruled that Mexico effectively seized a hazardous waste landfill site built by Metalclad when it declared the area an environmental reserve.
After collecting the award, Metalclad will have about $3 a share outstanding in cash, along with “substantial” net operating loss and capital loss tax benefits.
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