Great Lakes amends loan, permitting non-voting profits interest in demolition subsidiary

By Sara Rosenberg

New York, Nov. 17 - Great Lakes Dredge & Dock Corp. amended its credit facility, permitting the issuance of a 35% non-voting profits interest in the company's demolition subsidiary North American Site Developers Inc. to its president Christopher Berardi, according to an 8-K filed with the Securities and Exchange Commission Thursday.

The company also authorized the payment to Berardi of 35% of any cash proceeds upon a sale of all or any material portion of the demolition company.

The amendment was completed on Nov. 14.

Great Lakes is an Oak Brook, Ill., provider of dredging services.

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