Houston — Synagro Technologies Inc. said Dec. 7 it has obtained a waiver of certain breaches of the company’s credit agreement. The waiver provides Synagro time to continue to work with its lenders to address its senior credit facility and strengthen its balance sheet. Senior lenders will waive default-related remedies, providing them and Synagro additional time to fully vet possible solutions to restructure Synagro’s debt while allowing the company to continue normal business operations. “The waiver agreement is a clear sign that our lenders are supportive of our efforts to strengthen Synagro’s balance sheet,” said Eric Zimmer, Synagro president and CEO. “While we are working diligently on the restructuring process, our focus remains on continuing to provide industry leading biosolids management for our customers nationwide.” Synagro, which touts itself as the largest recycler of organic byproducts in the U.S., serves more than 600 municipal and industrial water and wastewater facilities throughout the U.S.
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