Asyst Technologies Inc. (Nasdaq: ASYT) filed for Chapter 11 bankruptcy protection, citing the decline in the semiconductor market. The Fremont, Calif.-based chip equipment maker is now hoping to sell itself. It’s hired Cowen & Co. to help with its bid to find a buyer for the entire company or for some of its businesses. Asyst shares were delisted from the Nasdaq exchange on April 30, and currently trade on the over-the-counter bulletin board. For the third quarter ended Dec. 31, 2008, Asyst’s losses widened to $7.3 million from $867,000 a year earlier.
HudBay Minerals Inc. hired an investment bank to help review its strategic alternatives. The Winnipeg, Manitoba-based mining company, whose stock trades on the Toronto Stock Exchange, is now considering the potential sale of the entire company, which came under new leadership in March 2009. At that time, a new board stepped in and hired G. Wesley Voorheis as chairman. HudBay also renamed Peter R. Jones as CEO. Jones previously served in the same role but left in early 2008. For the year ended Dec. 31, 2008, HudBay’s revenue fell to $981.9 million from $1.3 billion a year earlier on lower zinc and copper prices.
New Range Resources Ltd.’s board has undertaken a review of its strategic alternatives as it seeks to maximize shareholder value. The Calgary, Alberta-based company hired Emerging Equities Inc. as its exclusive financial adviser to help with the evaluation of options. It will consider the sale of the entire company, as well as the sale of some or all oil and natural gas interests. A business combination and reorganization are other options on the table. New Range said it posted a significant loss for 2008, and will require more capital resources for the exploration and development of oil and gas properties and for achieving and maintaining profitable operations.
Triad Resources Inc. is seeking a buyer and has hired Barrier Advisors Inc. of Dallas to handle the sale of its assets. The explorer and producer of oil and natural gas filed for Chapter 11 bankruptcy protection in December 2008. The Marietta, Ohio-based company owns about 37.4 billion cubic feet equivalent of proven oil and natural gas reserves in the Appalachian Basin and in the Permian Basin of West Texas and New Mexico. In addition, Triad owns an Appalachian pipeline along with 150 miles of associated rights of way.