ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED OPERATIONS
|6 Months Ended|
Jun. 30, 2017
|Assets And Liabilities Held For Sale And Discontinued Operations|
|ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED OPERATIONS||
NOTE 11 – ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED OPERATIONS
During the second quarter of 2017, we committed to a plan to sell our fixed railcar cleaning division which includes substantially all assets and liabilities of Tactical (except for cash) as well as three locations in REGS including Illinois, Maryland and Pennsylvania for a sales price of $2.4 million of proceeds at the close on July 31, 2017, subject to an adjustment for working capital changes, and guaranteed payments of $1.1 million over the next three years. In addition, the Company is entitled to receive another $1.5 million based on the performance of the fixed railcar cleaning locations, also over the next three years. Accordingly, the carrying value of the assets and liabilities associated with the railcar cleaning locations are presented as “Assets held for sale” and “Liabilities held for sale” on our consolidated balance sheet as of June 30, 2017 and December 31, 2016, and “Discontinued operations” on our consolidated statement of operations for three and six months ending June 30, 2017 and June 30, 2016, and on our consolidated statement of cash flows for the six months ending June 30, 2017 and June 30, 2016. The letter of intent for the sale was signed on June 1, 2017 and the sale was completed on July 31, 2017. Based on the estimated net sale proceeds, we expect to record a gain upon completion of this sale in Q3 2017.
Assets and liabilities held for sale were comprised of the following:
Major classes of line items constituting pretax loss on discontinued operations:
Disclosure related to assets and liabilities held for sale and discontinued operations.
No definition available.