SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2016

SUBSEQUENT EVENTS.

SUBSEQUENT EVENTS

NOTE 20—SUBSEQUENT EVENTS

In June 2017, funds affiliated with Centre Lane purchased the outstanding debt from our then-existing lenders under our revolving credit agreement. In August 2017, the Company and Centre Lane entered into the first amendment to the credit agreement, which provided the Company with further funds in the form of a first-out term loan, which matures in September 2018. Centre Lane assumed the revolving credit agreement prior to the completion of a new, multi-year credit agreement entered into by the Company and Centre Lane, which replaced our revolving credit facility. See Note 11—Debt for further discussion.

On January 13, 2017, we sold the stock of Hetsco, Inc., a wholly owned subsidiary, for $23.2 million in cash, inclusive of working capital adjustments. After transaction costs and an escrow withholding of $1.5 million, the net proceeds of $20.2 million were used to reduce debt.

During 2017, we had five employees covered under our executive severance plan or employment agreements who ceased their employment with us. As such, we recognized approximately $1.9 million in severance, which is to be paid out over the terms of the agreements, ranging from six months to 18 months.