Tervita Corporation

Tervita Corporation

October 20, 2016 20:17 ET

Tervita Corporation's Recapitalization Efforts Continue to Move Forward as Complementary Chapter 15 Filings in the United States Are Announced

CALGARY, ALBERTA--(Marketwired - Oct. 20, 2016) - Tervita Corporation and certain of its affiliates and subsidiaries (collectively, the "Tervita Group") have made voluntary filings under Chapter 15 of title 11 of the United States Code with the U.S. Court in the Southern District of New York (the "Chapter 15 Proceedings"). The Chapter 15 Proceedings provide for the recognition of the Tervita Group's proceedings under the Canada Business Corporations Act, R.S.C. 1985 C-44 ("CBCA") in the United States.

"Our consensual recapitalization transaction is going as planned," said Chris Synek, President and CEO. "We are making excellent progress and expect the recapitalization transaction to close around year-end, which will significantly strengthen our balance sheet. The Chapter 15 filings are a step in this direction, as they are necessary for the implementation of our plan. We continue to have ample liquidity and continue to meet all of our trade obligations, which include paying our vendors and employees and continuing to deliver quality services to our customers."

The commencement of these complimentary U.S. filings is a condition precedent to the implementation of the Tervita Group's CBCA plan of arrangement and is a measure that was undertaken to protect the Tervita Group's U.S. assets and ensure that the CBCA proceedings continue to move forward without delay. The Court of Queen's Bench of Alberta in Calgary will continue to have primary carriage over the Tervita Group's recapitalization efforts.

About Tervita

Tervita has operated in Canada for almost 40 years and is a leading environmental solutions provider. Our integrated earth, water, waste and resource solutions deliver safe and efficient results through all phases of a project by minimizing impact and maximizing returns™. Our dedicated employees are trusted sustainability partners to oil and gas, construction, mining, government and communities. Safety is our highest priority: it influences our actions and shapes our culture.

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Additional information about Tervita is available at www.tervita.com.

Reader Advisory Regarding Forward-Looking Statements

This news release contains certain "forward-looking statements" or "forward-looking information" (collectively referred to herein as "forward-looking statements"). Such forward-looking statements include, without limitation, forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or are events or conditions that "will", "would", "may", "could" or "should" occur or be achieved. This news release contains forward-looking statements, pertaining to, among other things, the following: the ability of the Company to reach an agreement with its lenders to restructure or recapitalize its long-term debt, the Company's liquidity and ability to meet payment obligations and the timing of meeting such payment obligations, the Company's intentions for the future of its business operations, prospects, long-term strategy and the Company's commitment to its employees, suppliers and customers. Statements regarding future growth, capital expenditures and development plans are subject to all of the risks and uncertainties that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. These risks include, but are not limited to, general economic conditions, inflation or lack of availability of goods and services, environmental risks, customer risks, regulatory changes and certain other known and unknown risks.

Although Tervita believes that the material factors, expectations and assumptions expressed in such forward-looking statements are reasonable based on information available to it on the date such statements were made, no assurances can be given as to future results, levels of activity and achievements and such statements are not guarantees of future performance. Tervita's actual results may differ materially from those expressed or implied in forward-looking statements and readers should not place undue importance or reliance on the forward-looking statements. Statements including forward-looking statements are made as of the date they are given and, except as required by applicable laws, Tervita disclaims any intention or obligation to publically update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

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