Company restructuring update

Company restructuring update

Posted: February 21, 2018

Proserv has been in a financial restructuring process with our equity and debt holders for a number of months which we believe will be successfully progressed within the next few weeks.  This process has been driven by the need to reduce the debt burden on the company following the sustained downturn in global Oil and Gas activity over the past 3 years. Many companies in our industry have been through a similar process very successfully in recent months. Our principle driver is to ensure that Proserv has the financial resources to continue operating unimpeded with our ongoing business as well as having the reserves to fund the many growth opportunities we see in our global markets.

Fundamentally, the process has been focused on converting some, if not all of the debt to equity; again, a common process well known to all in the investment and banking community.  We have and continue to enjoy the full backing of our equity and debt holders.  This confidence in Proserv was reinforced by the results of a sponsor backed review of the company by global management consultants, where they focused on our current performance and future potential.  This three month process, which was concluded in early January, has helped us prioritise our efforts as a management team and provided our stakeholders with real confidence in the future of Proserv

As with any process, it is incumbent on us as Managers and especially company Directors to consider all options when it comes to financial restructuring. I want to stress that it is the very clear intent of management, directors/boards and the financial stakeholders that we ensure our business continues to operate and function without interruption.  We specifically plan in all cases to ensure all employees and suppliers are paid, projects are executed on time and all client contracts honoured in full.

As the senior manager and a Company Director, I, along with the rest of the senior management team, remain totally committed to successfully progressing this refinancing process over the next few weeks.  We all have great belief in the future of Proserv and most importantly the value we can deliver to our clients and the communities in which we work and live.

Many thanks for your support which is greatly appreciated.

Kind Regards

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