Newspaper article The Canadian Press

Petrowest Lenders Offer Flexibility as Company Prepares for Site C Work Project

Newspaper article The Canadian Press

Petrowest Lenders Offer Flexibility as Company Prepares for Site C Work Project

Article excerpt

Petrowest lenders offer some flexibility

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CALGARY - Petrowest Corp. (TSX:PRW) says it's working towards providing a 2016 budget to lenders by mid-January to get relief from some of the company's financial commitments.

The lenders have granted waivers on its non-compliant debt covenants until Feb. 29, if the budget is delivered by Jan 18.

A company spokesman says the budget has been delayed by work related to a major BC Hydro contract announced Dec. 21.

Petrowest is a member of Peace River Hydro Partners, a consortium that has been chosen by BC Hydro to do the main civil works for the Site C Clean Energy Project, which includes construction of a dam and a concrete foundation for a generating station.

The work is set to begin in early January.

The non-compliant items under the lending agreements relate to Petrowest's adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), a measure of earnings that has fallen dramatically in 2015. …

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