Tervita in Restructuring Deal to Cut Debt by $1.5 BillionBy
Company says it has support of group of lenders, shareholders
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…
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