Sep
14
Tervita in Restructuring Deal to Cut Debt by $1.5 Billion
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Company says it has support of group of lenders, shareholders
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Application being made under Canada Business Corporations Act
Tervita Corp., the Canadian oilfield services company focused on waste management, is planning a debt-for-equity swap to reduce its total leverage by about C$2 billion ($1.5 billion).
Holders of 63 percent of its senior unsecured notes and 90 percent of its subordinated unsecured notes have agreed to the proposal, according to a statement on Wednesday from the closely-held company. Tervita also has secured agreement from 69 percent of its shareholders, the Calgary-based company said…
Tervita in Restructuring Deal to Cut Debt by $1.5 Billion
