Exterran obtains extensions of waivers to credit facility and continued listing and trading on NYSE

Exterran Corp. (NYSE: EXTN) has obtained an extension of the waivers from its credit facility lenders in connection with the company’s previously announced restatement of its financial statements. Under the amended terms of the credit agreement, Exterran’s waivers were extended from November 30, 2016 to February 28, 2017.

In addition, the company has received an extension for continued listing and trading on the New York Stock Exchange (NYSE). The extension, which is subject to review by the NYSE on an ongoing basis, provides Exterran until January 31, 2017 to file its Form 10-Qs for the first, second and third quarters of 2016 with the Securities and Exchange Commission (SEC). The delay in filing the Form 10-Qs for 2016 is a result of the previously announced financial restatement process. During the extension period, trading of the company’s shares on the NYSE will remain unaffected. The NYSE has discretion under its rules to grant the company further extensions beyond January 31, 2017.

Andrew Way, Exterran’s president and CEO, said, “We sincerely appreciate the continued support of our lenders, the New York Stock Exchange and our shareholders during this time. We are continuing to prepare our restated financial statements, and diligently working to conclude this process as quickly as possible. Importantly, we remain focused on our core operations, controlling costs and paying down debt. I am pleased to report that during the third quarter of 2016 we repaid $27.1 million in debt. As of September 30, 2016, we had $372.6 million in total debt and $32.1 million in cash.”

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Storm Impact Analytics for Utilities

In recent years, increasingly volatile and extreme weather events have significantly impacted the...

Reach New Heights: Six Best Practices in Planning and Scheduling

These 6 best practices have created millions of dollars in value for many global companies. Learn...

Making DDoS Mitigation Part of Your Incident Response Plan: Critical Steps and Best Practices

Like a new virulent strain of flu, the impact of a distributed denial of service (DDoS) attack is...

The Multi-Tax Challenge of Managing Excise Tax and Sales Tax

To be able to accurately calculate multiple tax types, companies must be prepared to continually ...