Synagro Obtains Waiver Under Credit Agreement
HOUSTON, Dec. 7, 2012 /PRNewswire/ -- Synagro Technologies, Inc. announced today that it has obtained a waiver of certain breaches of the Company's credit agreement. The waiver provides the Company time to continue to work with its lenders to address its senior credit facility and strengthen its balance sheet.
Under the agreement, the senior lenders will waive default-related remedies, providing the lenders and the Company additional time to fully vet possible solutions to restructure Synagro's debt while allowing the Company to continue normal business operations.
"The waiver agreement is a clear sign that our lenders are supportive of our efforts to strengthen Synagro's balance sheet," said Eric Zimmer, the Company's President and CEO. "While we are working diligently on the restructuring process, our focus remains on continuing to provide industry leading biosolids management for our customers nationwide."
Founded in 1986, Synagro, www.synagro.com, provides a system of solutions for civic and commercial organizations that manages by-products to create new, environmentally compelling options. The Company's reliable, lasting system transforms industrial and municipal waste into environmentally sustainable resources that benefit our communities and our planet—before an environmental footprint is left behind. As the largest recycler of organic by-products in the United States, Synagro uses best-in-class processes from beneficial reuse to renewable energy that adhere to the strictest of environmental regulations to provide sustainable solutions for communities across the nation. Serving more than 600 municipal and industrial water and wastewater facilities throughout the U.S., the Company's leading systems of by-product management services help municipalities of all sizes save money and meet environmental regulations.
SOURCE Synagro Technologies, Inc.