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Tervita Chapter 15 Petition Filed

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Alberta, Canada-based Tervita and 14 affiliated Debtors filed for Chapter 15 protection with the U.S. Bankruptcy Court in the Southern District of New York, lead case number 16-12920. The Company, which provides environmental solutions to natural resource and industrial customers, is represented by Mark A. Broude of Latham & Watkins. According to documents filed with the Court, the Debtors are the subject of jointly-administered proceedings under the Canada Business Corporations Acts, R.S.C. 1985, c. C-44 (CBCA) in the Alberta Court of Queen’s Bench, in Alberta, Canada. Concurrent with the U.S. filing, Tervita also announced that the Alberta Court of Queen’s Bench issued an interim order authorizing noteholder meetings to consider and vote upon a corporate plan of arrangement under the CBCA to implement the previously announced proposed recapitalization transaction.

Chris Synek, C.E.O. and president of Tervita, comments, “This marks another significant step forward in the recapitalization process. In the interim, Tervita’s operations remain strong with ample liquidity to maintain our business.” Pursuant to the Canadian Plan of Arrangement, the recapitalization transaction notes that, assuming an effective date of December 31, 2016 and a $372 million new offering, Tervita’s pro forma equity will be as follows: new investment: 48.8%, plan sponsor’s secured debt conversion: 48.7% and unsecured noteholders: 2.5%.

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The post Tervita Chapter 15 Petition Filed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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