Exterran Corporation Announces Extensions of Waivers to Credit Facility and Continued Listing and Trading on the New York Stock Exchange
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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