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.
The plan comes after months of talks with creditors as the company struggled to make debt payments amid a crude market slump that has exceeded two years. Tervita last month agreed to sell its production services unit for C$42.8 million as part of restructurin…
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