CALGARY, ALBERTA–(Marketwired – Oct. 26, 2016) – Tervita Corporation and certain of its affiliates (“Tervita” or the “Tervita Group”) announced today that the date by which holders of the 9.75% senior unsecured notes issued by Tervita due November 2019 and the holders of the 10.875% senior unsecured notes issued by Tervita due February 2018 (collectively, the “Unsecured Notes”, and the holders of such Unsecured Notes, the “Unsecured Noteholders”) must execute a support agreement with Tervita in order to receive their pro rata share of the additional new common shares that in the aggregate will represent 0.5% of pro forma equity of Tervita (the “Early Consent Shares”) has been extended from October 21, 2016 to November 4, 2016 (the “Early Consent Deadline”).
Tervita announces that increased support from Unsecured Noteholders has been obtained such that Unsecured Noteholders holding approximately 94% of the Unsecured Notes have now executed support agreements and have committed to support the Tervita Group’s previously announced recapitalization and plan of arrangement under the Canada Business Corporations Act (“CBCA”). Tervita has agreed to extend the Early Consent Deadline to provide additional Unsecured Noteholders with time to receive their pro rata share of the Early Consent Shares.
Accordingly, all Unsecured Noteholders that execute and deliver a joinder agreement to the unsecured noteholder support agreement, which can be found on the noteholder IntraLinks website, on or prior to November 4, 2016, shall be entitled to their pro rata share of the Early Consent Shares.
In addition, Tervita also announced that it was successful in receiving provisional relief in the Southern District of New York (the “U.S. Court”) with respect to its complimentary U.S. proceeding, which it previously announced it was seeking on October 20, 2016. The U.S. Court has scheduled December 2, 2016 as the date for a hearing at which the U.S. Court will consider formal recognition of the Tervita Group’s proceedings under the CBCA.
Tervita has operated in Canada for almost 40 years and is a leading environmental solutions provider. Our integrated earth, water, waste and resource solutions deliver safe and efficient results through all phases of a project by minimizing impact and maximizing returns™. Our dedicated employees are trusted sustainability partners to oil and gas, construction, mining, government and communities. Safety is our highest priority: it influences our actions and shapes our culture.