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Tervita recapitalization completed; total debt cut to C$475 million
By Caroline Salls
Pittsburgh, Dec. 14 – Tervita Corp.’s recapitalization transaction was completed Wednesday upon implementation of a court-approved plan of arrangement under the Canada Business Corporations Act, according to a company news release.
Tervita said the recapitalization transaction resulted in a reduction of its total debt to about C$475 million from C$2.6 billion.
In addition, Tervita announced that Grant Billing, Allen Hagerman, Cameron Kramer, Joseph Quarin, Chris Synek and Jay Thornton have accepted positions on its board of directors.
“This is an important new day for Tervita,” president and chief executive officer Chris Synek said in the release.
“This infusion of capital has revitalized Tervita and will encourage us to seek profitable growth. Our stronger balance sheet and solid credit rating will allow us to be very competitive. We have a re-energized set of new owners that are dedicated to our success.”
Tervita’s legal advisers in connection with the recapitalization transaction are Osler, Hoskin & Harcourt LLP, Fasken Martineau DuMoulin LLP and Latham & Watkins LLP, and its financial adviser is Barclays Capital Inc.
Tervita is a Calgary, Alta.-based environmental management company for the oil and gas industry. The company filed for bankruptcy on Oct. 18 under Chapter 15 case number 16-12920.
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