Financial restructuring

Restructuring support line

Information about the restructuring for suppliers is also available toll free at (844) 205-4334 or +1 (917) 606-6438 for callers

Announcement

18th December 2017

Expro, a leading international oilfield services company, has announced the next step in its financial restructuring. As previously disclosed, the Company has reached an agreement with its key lenders and shareholders to eliminate its entire $1.4 billion of funded debt and $80 million in annual interest payments through an equity conversion, which will fully deleverage its balance sheet. This will provide a stronger and more sustainable capital structure to grow the business, and will be supported by an additional $200 million equity commitment from its new shareholders.

In order to implement this agreement and make it binding on all parties, Expro submitted a “prepackaged” plan of reorganization under Chapter 11 of the U.S. Bankruptcy Code on December 18, 2017. This legal process provides the most efficient and effective means to deliver Expro’s financial restructuring, and the Company is confident that it will be completed within 60 days.

An important milestone, this “prepackaged” plan demonstrates the overwhelming support of Expro’s lenders and shareholders for a consensual restructuring, providing a clear and expedited path to emergence. The process is solely focused on establishing a more sustainable capital structure and accessing growth capital - it will not impact Expro’s operations or relationships with employees, customers, business partners, or suppliers.

To view the Company’s press release announcement, please click https://www.exprogroup.com/media-hub/news/expro-announces-next-step-in-financial-restructuring-news

Notice of Commencement Letter

December 2017

As you may know, Expro announced an agreement with key lenders and shareholders to eliminate the Company’s entire $1.4 billion of funded debt and $80 million in annual interest payments, through an equity conversion (commonly referred to as a debt-to-equity swap).

This important milestone will provide Expro with a stronger and more sustainable capital structure that allows the Company to grow its business, and will be supported by an additional $200 million equity commitment from new shareholders.

In order to implement our agreement with lenders and shareholders, it needs to be submitted through a legal court process. Having considered the most effective and efficient means to accomplish this, on December 18, 2017, Expro submitted a “prepackaged” plan of reorganization under Chapter 11 of the U.S. Bankruptcy Code.

The prepackaged plan of reorganization demonstrates overwhelming support from the Company’s lenders and shareholders for a consensual restructuring, providing a clear and expedited path to emergence within 60 days. This process is solely focused on establishing a more sustainable capital structure and it will not impact on Expro’s relationships with employees, customers, business partners, or suppliers. For absolute clarity, the Company will be:

  • Maintaining normal day-to-day operations without any interruption;
  • Paying employee wages and benefits;
  • Paying suppliers and business partners under the same terms and conditions; and
  • Honoring all customer commitments, ensuring the very highest standards of safety and service quality.

 

The letter you will receive to your registered home or work address, encloses a legal document known as the Notice of Commencement, which is sent to all stakeholders that have a business relationship with Expro. No response or action is necessary on your part.

Thank you for your continued support as we secure a stronger and more sustainable platform to grow our business.

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