Energy services company Proserv has completed its financial restructuring and elected a new CEO as the previous one is stepping down as part of the restructuring.
Proserv entered into a restructuring agreement with its principal lenders to strengthen the long-term financial structure of the company back in March.
Through a debt-for-equity exchange and injection of a $50 million investment, the company’s two largest lenders – KKR and funds managed by Oaktree Capital Management, L.P. – will become owners of the company.
Proserv said on Monday that, following the completion, the company emerges substantially debt-free and with a well-capitalized balance sheet. In the first four months of 2018, the company has already secured more than $40 million of contracts, Proserv noted.
As part of the restructuring, David Lamont is stepping down as CEO.
KKR and Oaktree representatives Lauren Krueger and Colin Smith jointly said: “Now that the restructuring process is complete, we look forward to the next stage of the company’s evolution which we believe is very bright. At this time, we would also like to thank David Lamont for his leadership at Proserv for the last several years and for all he’s done to position the company for future success.”
David Currie, who previously held positions as CEO of JDR Cable Systems and UK President for Aker Solutions, will assume the role of CEO.
He said: “I am delighted to join the Proserv team and embark on this exciting next chapter for the company. With committed shareholders, a strong balance sheet, and a more positive evolving outlook in our sector, we are well positioned to drive significant growth across our business by providing superior value to our customers.”