Waste Services gets waiver of non-compliance with financial covenants; seeks permanent amendment

By Sara Rosenberg

New York, Aug. 25 - Waste Services Inc. got a waiver through Oct. 5 from senior lenders regarding non-compliance with financial covenants. Furthermore, the company plans on negotiating permanent changes to the credit facility before the waiver runs out, according to a company news release.

While amendment negotiations are under way, the Burlington, Ont., solid waste services company is only allowed to borrow $10 million in additional borrowings under its revolver.

"We are pleased with the support we have received from our lenders and will be pursuing appropriate long-term amendments to the covenants in our credit agreement," said David Sutherland-Yoest, chairman and chief executive officer, in the release.

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