Updated from 10:36 a.m. EDT Williams ( WMB) narrowly escaped a brush with bankruptcy, but the rescue may have come at a steep price. Analysts on Thursday found themselves puzzling over the costs associated with Williams' newly regained liquidity. "One could say you're selling off good assets and encumbering good assets ... to support an engine that isn't running," Goldman Sachs analyst David Fleischer said during a conference call Thursday. "What will this future Williams look like?" Tulsa-based Williams made an 11th-hour deal that will flush it with $3.4 billion of desperately needed cash and credit. The company reached agreements for two secured loans totaling $2 billion and finalized $1.4 billion worth of asset sales. Following news of the deals, Williams' stock surged 29% to finish Thursday at $3.80. The spike, triggered by a wave of investor relief, came despite a lack of clarity about the nature of the transactions.