Exterran Corp. Announces Extensions of Waivers to Credit Facility & Continued Listing & Trading on the New York Stock Exchange
November 22 2016 - 5:16PM
Business Wire
Exterran Corporation (NYSE: EXTN) (“Exterran” or the “Company”)
today announced that it 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 Chief Executive officer,
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.”
About Exterran Corporation
Exterran Corporation (NYSE: EXTN) is a market leader in
compression, production and processing products and services,
serving customers throughout the world engaged in all aspects of
the oil and natural gas industry. Its global product lines include
natural gas compression, process & treating and production
equipment and water treatment solutions. Outside the United States,
Exterran Corporation is a leading provider of full-service natural
gas contract compression and a supplier of new, used, OEM and
aftermarket parts and services. Exterran Corporation is
headquartered in Houston, Texas and operates in approximately 30
countries.
For more information, visit www.exterran.com.
Forward-Looking Statements
All statements in this release (and oral statements made
regarding the subjects of this release) other than historical facts
are forward-looking statements within the meaning of Section 21E of
the Securities Exchange Act of 1934, as amended. These
forward-looking statements rely on a number of assumptions
concerning future events and are subject to a number of
uncertainties and factors, many of which are outside Exterran’s
control, which could cause actual results to differ materially from
such statements. Forward-looking information includes, but is not
limited to, the anticipated timing for regaining compliance with
all SEC filing requirements and NYSE listing requirements.
While Exterran believes that the assumptions concerning future
events are reasonable, it cautions that there are inherent
difficulties in predicting certain important factors that could
impact the future performance or results of its business. Among the
factors that could cause results to differ materially from those
indicated by such forward-looking statements are unanticipated
delays in completing the Audit Committee’s internal investigation,
the preparation and audit of the Company’s previously filed
financial statements and the implementation of changes to the
Company’s internal controls and procedures.
These forward-looking statements are also affected by the risk
factors, forward-looking statements and challenges and
uncertainties described in Exterran’s Annual Report on Form 10-K
for the year ended December 31, 2015, Exterran’s Registration
Statement on Form 10 and Exterran’s other filings with the SEC,
which are available at www.exterran.com. Except as required by law,
Exterran expressly disclaims any intention or obligation to revise
or update any forward-looking statements, whether as a result of
new information, future events or otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20161122006162/en/
Exterran CorporationInvestors: Greg Rosenstein,
281-854-3199Media: George Smalley, 281-854-3163
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