USD was obligated to sell the Hardisty terminal after entering a forbearance agreement with its lenders in June 2024. (Source: Shutterstock)
Houston-based USD Partners LP said it expects to complete the sale of the Hardisty Rail Terminal, its last remaining operating asset, by mid-April, according to a Jan. 21 press release.
Following the terminal’s sale, USD would have sold essentially all of its assets, however, the company said it expects to have substantial remaining borrowings under its revolving credit facility.
USD was obligated to sell the Hardisty terminal after entering a forbearance agreement with its lenders in June 2024.
USD anticipates that the lenders will terminate the credit facility and write off the remaining debt balance as the company intends to take steps to “wind down.”
The sale is subject to satisfaction of conditions, including receipt of third-party consents and exercise, or waiver, of certain rights of first refusal with respect to the Hardisty sale, USD said.
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