Expro Completes Financial Restructuring
International oilfield services company Expro revealed that it has successfully completed financial restructuring, which will provide the company with a ‘stronger and more sustainable financial foundation to grow the business,’ according to an Expro statement.
The Chapter 11 ‘prepackaged’ plan of reorganization was completed in 50 days, without any interruption to normal business operations or ‘relationships with employees, customers, suppliers, or business partners,’ Expro revealed.
The financial restructuring eliminated Expro’s entire $1.4 billion of funded debt, including the associated $80 million of annual interest payments, leaving the company with a fully deleveraged balance sheet. Additionally, Expro has raised $200 million in equity from its new shareholders.
“As the industry shows signs of increased activity this year, this has been an important milestone to achieve, quickly and efficiently,” Mike Jardon, Expro’s CEO, said in a company statement.
“I’d like to thank everyone who has supported such a positive outcome, without any interruption to our business or stakeholders. This indicates the strength of our company and reputation in the marketplace,” he added.
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