| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers D > Headlines for Davey Tree Expert Co. > News item |
Davey Tree Expert obtains credit agreement waivers through Dec. 30
By Tali Rackner
Minneapolis, Nov. 22 – Davey Tree Expert Co. entered into waivers under its third amended and restated credit agreement on Monday with KeyBank NA as lead arranger, syndication agent and administrative agent, according to an 8-K filing with the Securities and Exchange Commission.
The company reported on Nov. 9 that it is in the process of restating its previously issued audited financial statements contained in its annual report on Form 10-K for the year ended Dec. 31, 2016 and the previously issued unaudited financial statements contained in the quarterly reports on Form 10-Q for the quarters ended April 1 and July 1 to correct the accounting method historically used by the company for the classification of the shares of the company’s common stock held by the Davey 401KSOP and ESOP Plan.
Until the restatement is completed, Davey is unable to file its quarterly report on Form 10-Q for the quarter ended Sept. 30.
According to the filing, the waivers waive any potential event of default or event of default that would have been caused by the restatement of the company’s financial statements of prior periods and its inability to timely file its third quarter 2017 Form 10-Q, including Davey’s inability to deliver financial statements and related certifications and any failure to provide notices of default under the financing documents.
The waivers will terminate if the restated financial statements are not delivered on or before Dec. 30, though Davey said it expects to complete the restatement before then.
PNC Bank, NA and Wells Fargo Bank, NA acted as co-documentation agents.
Kent, Ohio-based Davey Tree provides residential and commercial tree and landscaping services throughout North America.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.