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Archrock’s deadline for delivering financial info extended to Sept. 30
By Angela McDaniels
Tacoma, Wash., July 26 – Archrock, Inc.’s credit facility lenders granted an extension of the waiver they gave on May 10, according to an 8-K filing with the Securities and Exchange Commission.
The company now has until Sept. 30 to deliver to the lenders its quarterly reports for the quarters ended March 31 and June 30 to be filed with the SEC and the related compliance certificates demonstrating compliance with the credit agreement’s financial covenants.
The waiver terminates on Sept. 30 unless on or prior to that date (to the extent the audit committee concludes that the company’s prior period financial statements can no longer be relied upon), the company delivers replacement financial information for its 2015 audited financial statements.
As previously reported, Archrock is determining what impact possible accounting errors related to Exterran Corp. subsidiary Belleli’s projects in the Middle East prior to Exterran’s spinoff from Archrock may have on Archrock’s historical financial statements.
In addition to extending the deadline for delivering the financial information, the lenders waived any potential event of default arising under the credit agreement as a result of the potential inaccuracy of certain representations and warranties regarding Archrock’s prior period financial information and previously delivered compliance certificate for the 2015 fiscal year.
Also waived is any requirement that the company or Archrock Services make any representations and warranties as to the company’s prior period financial statements and other prior period financial information.
Wells Fargo Bank, NA is the administrative agent.
Houston-based Archrock is a provider of natural gas contract compression services and a supplier of aftermarket services to customers that own compression equipment in the United States.
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