Wahlco Makes Changes
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SANTA ANA — Struggling Wahlco Environmental Systems Inc. has appointed a new president and chief executive and announced a restructuring plan.
The maker of air-pollution-control equipment named C. Stephen Beal president and chief executive. Beal was president and chief executive of Wahlco’s Engineered Products Group. He replaces Mark Plaumann, who resumes his duties as senior vice president of Wexford Management LLC, a unit of Wexford Capital Corp., which has an 80% stake in Wahlco. Plaumann will remain a Wahlco director. In June, longtime chairman, chief executive and president Henry N. Huta resigned.
The company, which has posted a string of annual losses, said it plans to convert $5 million of debt held by Wexford Capital into convertible preferred stock. Wexford will have the option to covert the preferred stock into 11 million common shares at a conversion price of 45.6 cents a share.
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