Through a debt-for-equity exchange and injection of a $50 million investment, the companys two largest lenders – KKR and funds managed by Oaktree Capital Management, L.P. – will become owners of the company. Proserv emerges substantially debt-free and with a well-capitalised balance sheet, enabling it to provide strong, life-of-field support to its global customers. In the first four months of 2018, the company has already secured more than $40 million of contracts.
As part of the restructuring, David Lamont is stepping down as CEO. KKR and Oaktree representatives Lauren Krueger and Colin Smith jointly said: Now that the restructuring process is complete, we look forward to the next stage of the companys evolution which we believe is …
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