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GSE announces timeline changes for company sale

News | March 17, 2014 | By:

April dates are issued

Houston-based GSE Holding Inc. (GSE/“the Company”) announced in a March 14 press release that “the Company and its senior secured lenders have amended the Company’s secured first lien credit facility and its secured revolving super priority credit facility to extend certain milestones relating to the sale of the Company. Additionally, the lenders have agreed to eliminate the requirement of an interest reserve, the result of which provides an additional $1.3 million of liquidity to the Company.

“Pursuant to the amendments announced today, the Company now has until April 21, 2014, under its secured first lien credit facility, and (until) April 30, 2014, under its secured revolving super priority credit facility, to close a sale of its business acceptable to the lenders.”

GSE president and CEO Chuck Sorrentino said: “Over the last several months, with the help of Moelis & Co. LLC, the Company has been engaged in a robust process with respect to the sale. In the meantime, our global employees are continuing to provide our customers with excellent products and services as they have come to expect from GSE.”

GSE is a global manufacturer and marketer of geosynthetic lining products and services used in the containment and management of solids, liquids and gases for organizations engaged in waste management, mining, water, wastewater, and aquaculture. Its principal products are polyethylene-based geomembranes, geonets, geocomposites, geosynthetic clay liners, concrete protection liners, and vertical barriers.

Source: GSE Holding Inc.

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