Hudson Technologies, Inc. Announces Termination of Ryan A. Maupin as Chief Restructuring Officer
August 03, 2020 at 06:02 pm IST
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Hudson Technologies, Inc. announced that on July 29, 2020, the Board of Directors of the company authorized the termination, effective July 31, 2020, of Ryan A. Maupin, the company’s Chief Restructuring Officer, due to the achievement of certain performance targets described below. Mr. Maupin had been appointed as Chief Restructuring Officer in January 2020 in accordance with the terms of the Fourth Amendment to the Term Loan Credit and Security Agreement dated as of October 10, 2017, as amended, by and among Hudson Technologies Company, Hudson Holdings, Inc., Aspen Refrigerants, Inc. (collectively, the Borrowers), the company, the other credit parties thereto (collectively, the Credit Parties), the financial institutions party thereto as lenders, and U.S. Bank National Association, as collateral and administrative agent for the lenders (the Credit Agreement). Pursuant to Section 6.17 of the Credit Agreement, the Credit Parties could elect to terminate the Chief Restructuring Officer upon notice to the lenders if, following the Chief Restructuring Officer’s retention, (i) the Borrowers’ LTM Adjusted EBITDA (as defined in the Credit Agreement) exceeds the greater of (x) 105% of the minimum LTM Adjusted EBITDA under the Credit Agreement and (y) $9.55 million (the greater of (x) or (y) being the Required EBITDA Threshold) for two consecutive quarterly reporting periods and (ii) no Default or Event of Default (each as defined in the Credit Agreement) has occurred and is continuing as of such date. The company has reasonably determined that the Required EBITDA Threshold and other conditions pursuant to the Credit Agreement have been met and that the services of the Chief Restructuring Officer were no longer needed.
Hudson Technologies, Inc. is a refrigerant services company. The Company provides solutions to recurring problems within the refrigeration industry. The Company provides environmentally sustainable solutions from initial sale of refrigerant gas through recovery, reclamation and reuse, peak operating performance of equipment through air conditioning and refrigeration system repair, to final refrigerant disposal and carbon credit trading. The Companyâs products and services are primarily used in commercial air conditioning, industrial processing and refrigeration systems, and include refrigerant and industrial gas sales, refrigerant management services consisting primarily of reclamation of refrigerants and RefrigerantSide Services performed at a customerâs site. RefrigerantSide Services consists of system decontamination to remove moisture, oils and other contaminants intended to restore systems to designed capacity.