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Williams

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Submitted By JLewis
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1. How does Williams get into financial distress?

Answer:

a) Write-off of investment in WCG

During the Tech Bubble, the whole telecom market that WCG was involved in suffered a lot of problems due mainly to a large oversupply, as indicated by an estimated 2% to 5% of the fiber- optic lines which were only carrying traffic. There venue of WCG eventually plummeted, wherein prices of the lines decreased by more than 90% from 1998 and 2002.When WorldCom filed for bankruptcy protection in July 2002, it became apparent that the telecommunications sector was experiencing a lot of problems. WCG itself also began to experience a lot of financial stress, and in hopes of supporting it,

Williams converted notes to shares, providing “credit support” of $1.4 billion of WCG’s debt (which Williams listed as an off -balance sheet item).Despite attempts to lessen WCG’s debt burden through raising new funds, WCG still had problems paying off its debts. While it managed to at least pay the required interest payments, it was not able to meet certain “covenants” and a breach was created with its secured creditors. This has caused WCG’s debt rating to fall due to “weakness in financial performance, lack of forward visibility, and exposure to customers whose risks are increasing.” In the end, Williams took a one-time accounting charge of $1.3 billion of guarantees and payment obligations. The problems with WCG ended up affecting Williams as well, causing Williams’ net income after extraordinary items to plummet, making it less desirable for creditors and investors.

b) Unforeseeable market conditions for energy trading

The Energy Trading market also experienced its own share of problems and issues. For one, because of the collapse of Enron, the market condition for energy trading became very unclear. This led to most competitors in the industry choosing to switch focus or

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