Willbros Group, Inc. (NYSE:WG) Could Stay on the NYSE For Now

[[tagnumber 0]]The stock of Willbros Group, Inc. (NYSE:WG) spiked out of the trading range this week after the company announced it had arranged a deal to sell out one of its operating segments. If the current share price level holds, it looks like WG could avoid the delisting from the NYSE that it faced just a few days ago.[[tagnumber 1]] [[tagnumber 0]][[tagnumber 3]][[tagnumber 1]] [[tagnumber 0]]Yesterday, WG gained another 25.28% and closed the market at $2.33 for a share. The trading volume was much lower than in the previous sessions though the chart pattern looks very bullish for today‘s session as well while the technical indicators also reveal more upside potential for WG before a correction follows.[[tagnumber 1]] [[tagnumber 0]] [[tagnumber 1]] [[tagnumber 0]]In August, WG received a notice from the New York Stock Exchange that it is not in compliance with the continued listing requirement of maintaining a minimum share price of $1 over a period of 30 consecutive days. The company managed to re–gain compliance soon enough by sealing a purchase agreement with TRC Solutions Inc. under which WG will sell its Professional Services segment for a price of $130 million in cash.[[tagnumber 1]] [[tagnumber 0]] [[tagnumber 12]][[tagnumber 1]] [[tagnumber 0]]WG current market capitalization is around $115 million which is still below the announced purchase price, and slightly below the book value of its equity which could attract more traders to the market today. Another filing of WG states also that it has changed the covenants of its credit agreement and now it will be allowed to keep $43 million of the net proceeds from the sale for working capital and other purposes.[[tagnumber 1]] [[tagnumber 0]] [[tagnumber 1]] [[tagnumber 0]]A stronger cash position should be good news for WG as its revenue is on a decline due to the current conditions in the energy sector. According to WG latest quarter report, the Professional Services segment represents around 14% of the company‘s total assets and around 27% of the consolidated revenue while the operating loss of the segment for the six months ended June 2015 was around $5.4 million.[[tagnumber 1]] [[tagnumber 20]] [[tagnumber 1]]