Tervita Corporation ("Tervita") entered into support agreements and commenced proceedings under the Canada Business Corporations Act to restructure its indebtedness.
The proposed recapitalization will reduce its outstanding indebtedness and annual interest costs by as much as 80%, significantly deleverage its balance sheet and improve its capital structure and liquidity. These agreements significantly decrease Tervita's long-term debt and give it the flexibility and working capital necessary to take full advantage of new opportunities for growth.
Tervita has operated in Canada for almost 40 years and is a leading environmental solutions provider.
Fasken Martineau was co-counsel to Tervita with a team that included John F. Grieve, Michael Black, Travis Lysak, Sarah Gingrich, Danielle Toigo, Fergus McDonnell, Brent Lewis, and Kibben Jackson.