Liquidity

9 Months Ended

Sep. 30, 2022

Liquidity [Abstract]

Liquidity

Liquidity

At September 30, 2022 and December 31, 2021, the Company's principal sources of liquidity consisted of $22,834 and $21,821 of cash and cash equivalents, respectively, $7 and $2,643 of available borrowing capacity under the Domestic Revolving Credit Facility, respectively, $175 and $520 of available borrowing capacity under the International Revolving Credit Facility, respectively, and $3,436 and $5,980 under other foreign credit agreements, respectively. Additional information regarding the Company's credit facilities is set forth in Note 9 - Notes Payable and Long-Term Debt.

On March 31, 2022 and September 30, 2022, the Company entered into amendments of its main credit facility with Société Générale that extends the maturity dates of the Domestic and International Revolving Credit Facilities to May 5, 2023 and the term loan facility to November 5, 2023. The interest rates on the Domestic and International Revolving Credit Facilities increased by 1.1% and 1.5%, respectively, effective March 31, 2022, while the term loan facility interest rate increased by 1.0%, effective March 31, 2022, and the Company paid an amendment fee of $463. The aggregate amount of the credit commitments under the facilities was reduced by an amount equal to $500 on each of September 30, 2022 and October 31, 2022 and will be further permanently reduced by $500 on November 30, 2022 and $3,000 on December 31, 2022. At September 30, 2022, the Company had $23,303 of borrowings and $4,972 of outstanding letters of credit under the Hill International, Inc. - Société Générale Domestic Revolving Credit Facility and $4,884 of borrowings and $509 of outstanding letters of credit under the Hill International N.V. - Société Générale International Revolving Credit Facility. These facilities are set to mature on May 5, 2023.

The Company believes that it has adequate liquidity and business plans to continue to operate the business for the next 12 months from November 14, 2022, the date of this filing. This ability to continue as a going concern is dependent upon the ability to refinance the Domestic and International Revolving Credit Facilities prior to their May 5, 2023 maturity date. As such, the consolidated interim financial statements included in this Form 10-Q do not include any adjustments that might result from the inability to refinance the Domestic and International Revolving Credit Facilities.