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WESTERN ENERGY SERVICES CORP. ANNOUNCES FURTHER EXTENSION OF PAYMENT DUE DATE FOR SECOND LIEN CREDIT FACILITY
WESTERN ENERGY SERVICES CORP. ANNOUNCES FURTHER EXTENSION OF PAYMENT DUE DATE FOR SECOND ...
About this update from Western Energy Services Corp.
[{"type":"text","content":"\n \n \n \n WESTERN ENERGY SERVICES CORP. ANNOUNCES FURTHER EXTENSION OF PAYMENT DUE DATE FOR SECOND LIEN CREDIT FACILITY\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n CALGARY, AB\n \n ,\n \n Feb. 28, 2022\n \n /CNW/ - Western Energy Services Corp. (\"\n \n Western\n \n \") (TSX: WRG) announces that Alberta Investment Management Corporation (\"\n \n AIMCo\n \n \"), the lender under its second lien credit facility, has agreed to provide Western with a further extension of the due date for the payment of interest under the facility that was originally due on\n \n January 4, 2022\n \n and that was extended by AIMCo to\n \n February 28, 2022\n \n .  The due date has been extended further to\n \n March 21, 2022\n \n .\n \n \n Western is continuing discussions with its lenders with respect to a potential transaction to provide financial stability through the current challenging industry environment in light of its current debt obligations. The payment extension is intended to provide Western with additional flexibility while it continues these discussions with a view to reaching a solution to address its financial position. There is no certainty that Western will be successful in negotiating, entering into or completing a new refinancing transaction prior to the further extended payment deadline, or at all.\n \n \n \n About Western\n \n \n \n Western is an oilfield  service  company which provides contract drilling  services  through its division, Horizon Drilling in\n \n Canada\n \n , and its wholly owned subsidiary, Stoneham Drilling Corporation in the United States.  Western provides well servicing and oilfield  rental equipment services in Canada  through its wholly owned subsidiary  Western  Production  Services  Corp.  (\"\n \n Western Production Services\n \n \").   Western Production Services' division, Eagle Well Servicing provides well servicing, while its division Aero Rental Services pr...