Equity deal eases Proserv’s financial concerns
Proserv has completed a successful financial restructuring program to help secure its long-term future.
ABERDEEN, UK – Offshore controls system specialist Proserv has completed a successful financial restructuring program to help secure its long-term future.
This involved a debt-for-equity exchange and injection of $50 million. Its two largest lenders - KKR and funds managed by Oaktree Capital Management, L.P. - will both become owners of the company, the arrangement leaving Proserv largely debt-free.
As part of the restructuring, David Lamont is stepping down as CEO, to be replaced by David Currie, formerly head ofJDR Cable Systems and UK president for Aker Solutions.