Synagro Obtains Waiver Under Credit Agreement
HOUSTON, Dec. 7, 2012
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
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
SOURCE Synagro Technologies, Inc.
Contact: Jamie B. Kinder, Synagro Technologies, Inc., +1-443-489-9016,
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