Washington Group International Inc – ‘8-K’ for 5/29/01 – EX-99.3

On:  Tuesday, 5/29/01, at 3:57pm ET   ·   For:  5/29/01   ·   Accession #:  912057-1-517833   ·   File #:  1-12054

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Current Report   —   Form 8-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Current Report                                         3     13K 
 2: EX-99.1     Miscellaneous Exhibit                                  3     11K 
 3: EX-99.2     Miscellaneous Exhibit                                  2     15K 
 4: EX-99.3     Miscellaneous Exhibit                                  2     12K 

EX-99.3   —   Miscellaneous Exhibit

EX-99.3
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                                                                    EXHIBIT 99.3

[LETTERHEAD OF WASHINGTON GROUP INTERNATIONAL]

MAY 17, 2001

WASHINGTON GROUP INTERNATIONAL, INC. RECEIVES COURT APPROVAL
 FOR ALL FIRST DAY MOTIONS

 EMPLOYEE AND VENDOR OBLIGATIONS WILL BE MET

 INTERIM DEBTOR-IN-POSSESSION FINANCING APPROVED

 CONFIRMATION HEARING DATE SET FOR SEPTEMBER 6, 2001

   Boise, Idaho -- Washington Group International, Inc. today announced that
it has received approval from the U.S. Bankruptcy Court for the District of     
Nevada in Reno of its first-day motions requesting among other things,          
authorization to pay pre-petition and post-petition employee wages, salaries,   
employee benefits and other employee obligations. The Court also approved       
Washington Group's request to pay outstanding pre-petition critical vendor      
claims in accordance with their normal terms during the pendency of its Chapter 
11 case.                                                                        

Additionally, the Company announced that the Court has approved $150  
million of the approximately $200 million in debtor-in-possession (DIP)         
financing intended to support the Company's operations. The Court has scheduled 
a hearing for final approval of the DIP facility for June 13, 2001. Credit      
Suisse First Boston is the agent for the DIP financing facility. This facility  
may be increased to $350 million under certain terms, conditions and lender     
commitments.                                                                    

     "The decisive actions by the Court on Monday, together with the substantial
financing facility that has been arranged, have moved Washington Group further  
down the path towards a successful reorganization," said Stephen G. Hanks,      
Washington Group President. "Our clients have indicated they intend to remain   
with us - and we intend to reward that loyalty with a determined commitment to  
provide the best engineering, construction and program management service in the
world, bar none."                                                               

    The Court also established September 6, 2001, as the confirmation date for
the Company's Plan of Reorganization. It is anticipated that Washington Group   
will emerge from Chapter 11 protection shortly thereafter. The hearing of the   
Company's Disclosure Statement is set for July 24, 2001. The Company's          
Disclosure Statement will describe the business plan and financial terms of the 
Company's Plan of Reorganization, and include a pro forma balance sheet of the  
reorganized company.                                                            

     Washington Group announced on May 14, 2001 that it had reached an agreement
in principle with its bank group steering committee on a Plan of Reorganization 
for the Company. In order to facilitate the reorganization the Company, and     
certain of its subsidiaries, filed voluntary petitions to reorganize under      
Chapter 11 of the U.S. Bankruptcy Code together with a Plan of Reorganization,  
that describes the terms of the restructuring.                                  

     Washington Group International, Inc. is a leading international engineering
and construction firm with more than 35,000 employees at work in 43 states and  
more than 35 countries. The Company offers a full life-cycle of services as a   
preferred provider of premier science, engineering, construction, program       
management, and development in 14 major markets.                                

MARKETS SERVED

Energy, environmental, government, heavy-civil, infrastructure and mining,      
nuclear-services, operations and maintenance, petroleum and chemicals,          
industrial process, pulp and paper, telecommunications, transportation, and     
water-resources.                                                                

 # # #

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EX-99.3
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This news release contains forward-looking statements within the meaning of the 
Private Securities Litigation Reform Act of 1995, which are identified by the   
use of forward-looking terminology such as MAY, WILL, COULD, SHOULD, EXPECT,    
ANTICIPATE, INTEND, PLAN, ESTIMATE, or CONTINUE or the negative thereof or other
variations thereof. These include, among others, statements with respect to the 
date on which Washington Group will emerge from Chapter 11 protection,          
Washington Group's ability to increase the amount available under its           
debtor-in-possession financing facility to $350 million, whether the            
debtor-in-possession financing facility will be converted to an exit facility,  
whether Washington Group will emerge from Chapter 11 protection with            
significantly reduced debt, Washington Group's ability to meet post-petition    
commitments, the terms of the plan of reorganization and the structure of the   
reorganized company. Forward-looking statements are necessarily based on various
assumptions and estimates and are inherently subject to various risks and       
uncertainties, including risks and uncertainties relating to the possible       
invalidity of the underlying assumptions and estimates, the involvement of      
Washington Group's creditors and equity holders in the Chapter 11 proceeding,   
bankruptcy court approvals incident to Washington Group's operations in Chapter 
11 and the ultimate reorganization of Washington Group, and possible changes or 
developments in social, economic, business industry, market, legal, and         
regulatory circumstances and conditions and other actions taken or omitted to be
taken by third parties, including the corporation's customers, suppliers,       
business partners, and competitors and legislative, regulatory, judicial, and   
other governmental authorities and officials.                                   

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Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘8-K’ Filing		Date		First		Last			Other Filings
		9/6/01		1
		7/24/01		1					8-K
		6/13/01		1
Filed on / For Period End:		5/29/01
		5/17/01		1
		5/14/01		1
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