GP Strategies pays down $30 million of revolving credit debt

By Rebecca Melvin

New York, Jan. 3 – GP Strategies Corp. paid down $30 million of borrowings under its revolving credit facility in the fourth quarter.

The company's outstanding debt was approximately $82.9 million as of Dec. 31, down from $113.2 million as of Sept. 30, and $116.5 million as of Dec. 31, 2018, according to the company’s release.

Cash flow generated from operations and proceeds from a previously announced sale of its tuition program management business were used for the repayment.

"We continue to execute on our strategic plan and the improved cash flow and debt position provide the company great flexibility in 2020," Scott N. Greenberg, GP Strategies’ chief executive officer, stated in the release.

Based in Columbia, Md., GP Strategies provides sales and technical training, e-learning solutions, management consulting and engineering services.

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