On The Block

Ascent Media Corp. will continue to review strategic alternatives for the systems integration business of Ascent Media Group LLC’s (AMG), which it has been dismantling over the last several months. In early December, the company agreed to sell AMG’s content distribution business for about $113 million to Encompass Digital Media Inc. In late November, the Colorado-based company also agreed to sell AMG’s creative and media services divisions for $68 million. The two proposed deals represent a “substantial majority of AMG’s operating businesses,” Ascent Media said. Separately, the company received Department of Justice and FTC antitrust clearance for its bid to acquire Monitronics International Inc.

Bridge Resources Corp. is mulling over business alternatives and plans to consider asset sales, equity alternatives and alliances. The Canadian oil and gas explorer and developer also intends to explore joint venture opportunities along with the possible sale or merger of the company. In addition, it received a proposal for its Bridge North Sea Ltd. subsidiary through Stellar Energy Advisors Ltd. Bridge Resources didn’t provide all the financial terms of the bid, but said the proposal’s cash component won’t allow it to fully repay all of its debt.

Celsius Holdings Inc.’s board formed a special committee to evaluate strategic alternatives. The Boca Raton, Fla.-based nutritional beverage distributor is getting help from Zenith International with the review. Celsius is also changing its operating strategy to focus on “right sizing” operations with the goal of reaching profitability in the near term. Said CEO Steve Haley: “Our new plan is expected to allow us to operate, using our existing cash and our $2 million line of credit with an affiliate of Carl DeSantis, our principal shareholder, for the entire year of 2011 without an additional capital infusion.”

Vector Aerospace Corp.’s board formed a special committee to oversee a review of strategic alternatives designed to improve shareholder value. The provider of aviation repair and overhaul service brought Scotia Capital Inc. onboard to serve as financial adviser throughout the process. Vector Aerospace, Toronto, Ontario, is evaluating preliminary expressions of interest received from several parties. It employs 2,500 people and operates facilities in Canada, the U.S., U.K. and Africa. Separately, the company’s third-quarter net earnings rose to C$10 million ($9.8 million) from C$7.8 million a year earlier.