(CORRECTION: The original image in the article was not the official corporate logo of Synagro Technologies and this was replaced with the correct logo.)
Today, Synagro Technologies and its main stockholders reached an agreement to sell the company to EQT Infrastructure II. The sale would happen through a broad plan of reorganization. In April, EQT Infrastructure II purchases Synagro under U.S. Bankruptcy Code's section 363.
"This agreement is a significant milestone for the Company and all of our customers, vendors and employees. We now have a more certain timeline and a more efficient means of achieving the same end result as we move ahead in restructuring our debt. A reorganized Synagro with significantly reduced leverage is a powerful change for the Company, as it has been burdened by heavy leverage for many years," stated Eric Zimmer, Synagro's President and CEO.
Synagro filed the suggested plan of reorganization and the accompanying disclosure statement on July 3.
Synagro was able to complete its restructuring efforts by modifying the transaction to a sale by using the plan of reorganization. It was expected to finalize the deal with EQT without the need to change anything about its own clients, vendor and other contractual affiliation.
"By shifting to this more efficient process, the sale will be even more seamless for our customers and partners, as there will be no change to our contractual relationships," Joe Page, Synagro's General Counsel stated.
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